This table presents the results of OLS regressions accounting for alternative firm characteristics, explaining the main findings. In Panel A, the dependent variable is Cash (Columns 1 and 3) and CashToNetAssets (Columns 2 and 4). In Columns 1 and 2, regressions control for the interaction between LMR and R&D-intensive industries, where R&D-intensive industries are defined as median values for R&D expenses related to sales from the previous year for each industry from the 48-Fama-French industry classification in a particular country-year (note that main effect of R&D-intensive industries is included, but is omitted because of collinearity). In Columns 3 and 4, the regressions control for the main effect of intangible assets (Intangibility), defined as total intangible assets related to sales from the previous year and adjusted for median industry values, as well as the interaction between LMR and Intangibility. In Panel B, the dependent variable is Cash. The regressions control for the main effect and the interaction term between LMR and Size dummy in Column 1, Age dummy in Column 2, Dividend Payer Dummy in Column 3, Whited and Wu Index in Column 4, and Kaplan and Zingales measure of financial constraints in Column 5. All variables are defined in Table A1 in the  Appendix. All independent variables except LMR, FFF, and Other Ultimate Owner are lagged by one period. All regression specifications include firm fixed effects, industry-year fixed effects, and country specific year trends. The t-Statistics in parentheses are based on robust standard errors, clustered at the country level. *, **, *** denote statistical significance at the 10, 5, and 1% levels, respectively