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