Variable

(1)

(2)

(3)

(4)

Investment

Investment

Investment

Investment

Revalue

0.149***

0.0820***

0.133***

0.603***

(4.18)

(3.96)

(3.88)

(4.86)

Roa

0.0242

0.0372

0.0625

−0.0846

(0.08)

(0.13)

(0.22)

(−-0.30)

Tobinq

−0.000533

0.000580

−0.00172

−0.00327

(−0.03)

(0.04)

(−0.11)

(−0.21)

Size

0.139***

0.138***

0.136***

0.141***

(4.12)

(4.08)

(4.01)

(4.16)

GYG

0.323***

0.326***

0.315***

0.308***

(3.30)

(3.33)

(3.19)

(3.19)

First

0.0532

0.0597

0.0513

0.000884

(0.32)

(0.36)

(0.32)

(0.01)

Age

−0.0273***

−0.0256***

−0.0228**

−0.0362***

(−3.01)

(−2.83)

(−2.49)

(−3.70)

Cashflow

0.264***

0.265***

0.270***

0.265***

(5.95)

(5.96)

(6.03)

(6.06)

Leverage

−0.118

−0.114

−0.113

−0.117

(-0.77)

(-0.74)

(-0.72)

(-0.77)

_cons

−2.293***

−2.289***

−2.249***

−2.239***

(−3.33)

(−3.32)

(−3.29)

(−3.29)

Firm

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

5004

5004

5004

5004

r2

0.121

0.120

0.118

0.130