| (1) | (2) |
| Ri,t-RIt | Ri,t-RIt |
cons | 0.048 | 0.034 |
| (0.57) | (0.29) |
dcash | 0.517*** | 0.295*** |
| (5.87) | (2.64) |
state | −0.041*** |
|
| (−2.73) |
|
state*dcash | −0.021 |
|
| (−0.38) |
|
central |
| 0.027 |
|
| (1.08) |
central*dcash |
| 0.225*** |
|
| (2.99) |
dearn | 0.380*** | 0.347*** |
| (9.73) | (6.03) |
dna | 0.140*** | 0.084*** |
| (9.31) | (5.65) |
dcapex | −0.044* | −0.050 |
| (−1.77) | (−1.60) |
dinter | −1.724*** | −1.443*** |
| (−5.81) | (−3.74) |
ddivid | 0.643*** | 0.950*** |
| (3.77) | (4.02) |
lever | 0.001*** | 0.162** |
| (2.69) | (2.55) |
NF | −0.008 | −0.008 |
| (−0.85) | (−1.36) |
dcash*cashi,t-1 | −0.113*** | −0.062** |
| (−5.96) | (−2.50) |
lever*dcash | −0.202* | −0.136 |
| (−1.73) | (−0.77) |
ind | yes | yes |
year | yes | yes |
N | 6515 | 5044 |
R2 | 0.0836 | 0.1071 |
Adj-R2 | 0.0800 | 0.0985 |
F | 23.77 | 12.456 |