| Independent variables | Samples | ||
| the whole sample | high growth | low growth | |
| EVA | 0.00443 (0.0042) | 0.0002 (0.0055) | 0.0117** (0.0058) |
| Fcf | 0.1513 (0.0844) | 0.0484 (0.0967) | 0.4799*** (0.1670) |
| Fincf | 0.0774*** (0.0085) | −0.0005 (0.0099) | 0.2066 *** (0.0134) |
| ID | −0.0029 (0.0022) | −0.0000 (0.0030) | −0.0015 (0.0028) |
| Size | −0.0001 (0.0013) | 0.0009 (0.0021) | −0.0028 (0.0018) |
| Growth | 0.0005 (0.0011) | 0.0012 (0.0012 ) | 0.0012 (0.0055) |
| Exp | −0.0223 (0.0450) | 0.0000 (0.0536 ) | −0.0510 (0.0717) |
| Year | control | control | control |
| Obs | 1092 | 567 | 525 |
| R2 | 0.0887 | 0.0445 | 0.3605 |