VARIABLES | Overinvest | Underinvest |
Sa | 0.1017*** (0.0036) | −0.0078*** (0.0018) |
Growth | 0.0027*** (0.0008) | 0.0011*** (0.0001) |
Lev | 0.0191 (0.0154) | 0.0007 (0.0032) |
Size | 0.0054*** (0.0014) | −0.0002 (0.0009) |
Board | −0.0020** (0.0010) | 0.0007** (0.0003) |
Top | −0.0017 (0.0034) | −0.0011** (0.0004) |
Share | −0.0072 (0.0067) | 0.0004 (0.0020) |
Constant | −0.0851*** (0.0301) | 0.0182 (0.0147) |
Observations | 712 | 1466 |
R-squared | 0.5630 | 0.5251 |