VARIABLES | GR | GR | GR | |||
(1) | T | (2) | T | (3) | T | |
OC | 0.0784** | (2.357) | 0.0595* | (1.965) | 0.0836** | (2.563) |
OC*State |
|
|
|
| −0.170* | (−1.876) |
State |
|
| −0.0509 | (−1.348) | −0.0267 | (−0.675) |
Shr1 |
|
| −0.000941 | (−1.007) | −0.00116 | (−1.241) |
ROA |
|
| −0.158 | (−0.762) | −0.0883 | (−0.424) |
GT |
|
| −0.0658** | (−2.082) | −0.0574* | (−1.819) |
FCF |
|
| −0.236** | (−2.204) | −0.223** | (−2.098) |
Lev |
|
| −0.0178 | (−0.734) | −0.0140 | (−0.581) |
Size |
|
| 0.00626 | (0.398) | 0.00763 | (0.490) |
Constant | 0.206*** | (10.97) | 0.521 | (1.211) | 0.476 | (1.116) |
Year Ind | Yes Yes | Yes Yes | Yes Yes | Yes Yes | Yes Yes | Yes Yes |
Observations | 154 |
| 154 |
| 154 |
|
R-squared | 0.0289 |
| 0.3497 |
| 0.3625 |
|