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