VARIABLES | Model 3 | Model 4 | ||
Overinvest | Underinvest | Overinvest | Underinvest | |
Sa | 0.0747*** (0.0039) | −0.0079*** (0.0014) | 0.0990*** (0.0039) | −0.0081*** (0.0019) |
Gender |
|
| 0.0878*** (0.0124) | −0.0013 (0.0022) |
Sa_Gender |
|
| 0.1104*** (0.0136) | −0.0001 (0.0066) |
FCF | 0.2128*** (0.0210) | 0.0302*** (0.0045) |
|
|
Sa_FCF | 0.2306*** (0.0411) | 0.0145* (0.0086) |
|
|
Growth | 0.0021*** (0.0006) | 0.0011*** (0.0001) | 0.0025*** (0.0007) | 0.0011*** (0.0001) |
Lev | 0.0268* (0.0142) | 0.0001 (0.0028) | 0.0210 (0.0154) | 0.0007 (0.0033) |
Size | 0.0043*** (0.0011) | −0.0001 (0.0007) | 0.0052*** (0.0015) | −0.0002 (0.0009) |
Board | −0.0024** (0.0010) | 0.0006** (0.0002) | −0.0021** (0.0010) | 0.0007** (0.0003) |
Top | −0.0002 (0.0052) | −0.0010*** (0.0003) | −0.0012 (0.0034) | −0.0010** (0.0004) |
Share | −0.0110 (0.0068) | −0.0007 (0.0021) | −0.0053 (0.0059) | 0.0003 (0.0020) |
Constant | −0.0645*** (0.0249) | 0.0182 (0.0111) | −0.1648*** (0.0215) | 0.0194 (0.0133) |
Observations | 712 | 1,466 | 712 | 1,466 |
R-squared | 0.5796 | 0.5414 | 0.5692 | 0.5252 |