Variable

(1)

(2)

(3)

(4)

Investment

Investment

Investment

Investment

Revalue

0.0365*

0.0217

0.0551**

0.205***

(1.67)

(1.65)

(2.42)

(2.68)

Debt

0.0978***

0.0979***

0.0979***

0.0963***

(8.23)

(8.23)

(8.30)

(8.10)

Roa

−0.455

−0.454

−0.454

−0.494*

(−1.59)

(−1.58)

(−1.60)

(−1.72)

Tobinq

0.0129

0.0134

0.0111

0.0111

(0.85)

(0.88)

(0.73)

(0.73)

Size

0.103***

0.103***

0.103***

0.104***

(3.15)

(3.14)

(3.16)

(3.16)

GYG

0.198**

0.199**

0.191**

0.195**

(2.33)

(2.32)

(2.23)

(2.29)

First

−0.275*

−0.272*

−0.271*

−0.290*

(−1.79)

(−1.77)

(−1.80)

(−1.93)

Age

−0.00761

−0.00720

−0.00944

−0.0127

(−0.88)

(−0.85)

(−1.09)

(−1.41)

Cashflow

0.225***

0.225***

0.227***

0.225***

(6.16)

(6.16)

(6.19)

(6.18)

Leverage

−0.680***

−0.680***

−0.675***

−0.670***

(−4.45)

(−4.44)

(−4.37)

(−4.39)

_cons

−1.533**

−1.534**

−1.513**

−1.501**

(−2.37)

(−2.37)

(−2.35)

(−2.33)

Firm

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

N

5073

5073

5073

5073

r2

0.273

0.273

0.274

0.275