| under- investment | under- investment | under- investment | Over- investment | Over- investment | Over- investment |
| (1) | (2) | (3) | (4) | (5) | (6) |
Con | −0.06315*** (−6.43) | −0.0677*** (−6.79) | −0.0663*** (−6.74) | 0.1093*** (3.53) | 0.0984*** (3.19) | 0.1012*** (3.28) |
Jeu | −0.0002 (−0.49) |
| −0.0004 (−0.70) | −0.0031** (−1.99) |
| −0.0034** (−2.04) |
Man |
| −0.0017*** (−3.23) | −0.0017*** (−3.27) |
| −0.0026* (−1.66) | −0.0027* (−1.66) |
Contl | 0.0032*** (2.89) | 0.0024** (2.17) | 0.0024** (2.12) | −0.0106*** (−3.23) | −0.0115*** (−3.41) | −0.0118*** (−3.50) |
Agency | 0.0010 (0.21) | 0.0016 (0.34) | 0.0015 (0.31) | −0.0349** (−2.39) | −0.0341** (−2.32) | −0.0336** (−2.30) |
Turn | −0.0010 (−1.19) | −0.0009 (−1.01) | −0.0009 (−1.10) | −0.0019 (−0.68) | −0.0013 (−0.49) | −0.0018 (−0.66) |
Size | 0.0015*** (3.47) | 0.0017*** (3.86) | 0.0017*** (3.83) | −0.0021 (−1.54) | −0.0018 (−1.31) | −0.0019 (−1.39) |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
Ind | Yes | Yes | Yes | Yes | Yes | Yes |
Ad-r2 | 0.0121 | 0.0165 | 0.0163 | 0.0120 | 0.0110 | 0.0133 |
F | 6.57*** | 8.64*** | 7.28*** | 4.37*** | 4.08*** | 4.10*** |
N | 2281 | 2281 | 2281 | 1385 | 1385 | 1385 |