VARIABLES

CAR

CAR

(1)

T

(2)

T

GR

0.288*

(1.782)

0.479**

(2.398)

OC*GR

−0.515*

(−1.659)

OC

0.125

(1.312)

Shr1

−0.000486

(−0.285)

−0.000141

(−0.0823)

State

0.0217

(0.316)

0.0137

(0.196)

GT

0.149**

(2.509)

0.143**

(2.401)

ROA

0.152

(0.402)

0.0187

(0.0486)

Ratio

0.00163

(1.545)

0.00154

(1.457)

FCF

0.0148

(0.0752)

0.0830

(0.412)

Lev

0.00242

(0.0551)

−0.0120

(−0.268)

Size

−0.0717**

(−2.500)

−0.0698**

(−2.383)

Constant

1.081

(1.354)

0.948

(1.174)

Year

Ind

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Observations

153

153

Adj R-squared

0.1198

0.1252