(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