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