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 |