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