Table 8: **Human Capital and Star Status Robustness: Measurement of Excess Cash** This table reports estimates from the following panel regression model: _ROIC_<sup>_T OT_</sup> Star is a dummy variable that takes the value 1 if the firm _i_ s _ROIC_<sup>_T OT_</sup> is above the 90<sup>_th_</sup> percentile of _ROIC_<sup>_T OT_</sup> across all firms in a particular year _t_ and 0 otherwise. Log(Assets) is the logarithm of total assets. HHI is Herfindahl Index of market share in each 3-digit NAICS industry in each year. _Markups_<sup>_T OT_</sup> are based on the estimation in De Loecker and Eeckhout (2017) using operating expenses as a variable input of production and include correction for intangible capital. Market Share is the ratio of the firm _i_ s sales to total industry _j_ s sales in a particular year. Skill is industry-level measure of routine manual skills (RMAN) in columns 1-4, complex problem solving skills (COMPLEXPS) in columns 5-8 and non-routine cognitive analytical skills (NRCOG) in columns 9-12. All regressions include industry and year fixed effects and are estimated using ordinary least squares with standard errors clustered at the firm level.In Panel A, _ROIC_<sup>_T OT_</sup> Star is computed using 1% of sales as excess cash, in panel B _ROIC_<sup>_T OT_</sup> Star is computed using 10% of sales as excess cash and in panel C we use non-cash working capital in computing _ROIC_<sup>_T OT_</sup> Star firms. All regressions include industry and year fixed effects and are estimated using ordinary least squares with standard errors clustered at the firm level. (<sup>_∗∗∗_</sup> ) _,_ (<sup>_∗∗_</sup> ) _,_ (<sup>_∗_</sup> ) denote statistical significance at 1%, 5%, and 10% levels respectively.

||(1)|(2)|(3)|(4)|(5)|(6)|(7)|(8)|(9)|(10)|(11)|(12)|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
||_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|_ROIC_<sup>_TOT_</sup>|
||Star|Star|Star|Star|Star|Star|Star|Star|Star|Star|Star|Star|
|Skill||RM|AN|||C|PS|||NR|COG||
|Log(Assets)|0.021***|0.018***|0.018***|0.017***|0.015***|0.018***|0.017***|0.017***|0.019***|0.017***|0.017***|0.017***|
||(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|(0.002)|
|Log(Age)|-0.068***|-0.068***|-0.068***|-0.069***|-0.068***|-0.069***|-0.069***|-0.069***|-0.068***|-0.069***|-0.069***|-0.069***|
||(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|(0.004)|
|HHI|0.054|0.056|0.394*|0.052|0.055|0.057|0.029|0.056|0.059|0.055|-0.106|0.056|
||(0.085)|(0.085)|(0.216)|(0.085)|(0.086)|(0.086)|(0.088)|(0.088)|(0.085)|(0.085)|(0.153)|(0.087)|
|Market Share|-0.117|-0.183*|-0.189*|0.045|-0.100|-0.170|-0.171|-0.173|-0.139|-0.166|-0.166|-0.141|
||(0.113)|(0.110)|(0.108)|(0.213)|(0.110)|(0.110)|(0.109)|(0.112)|(0.110)|(0.110)|(0.110)|(0.174)|
|Markups|0.123***|0.130***|0.124***|0.126***|0.124***|0.118***|0.126***|0.126***|0.122***|0.127***|0.127***|0.126***|
||(0.013)|(0.013)|(0.012)|(0.013)|(0.013)|(0.014)|(0.013)|(0.013)|(0.013)|(0.013)|(0.013)|(0.013)|
|Log(Assets) x Skill|-0.010***||||0.008***||||0.006*||||
||(0.003)||||(0.003)||||(0.003)||||
|Markups x Skill||-0.023*||||0.016||||-0.012|||
|||(0.014)||||(0.012)||||(0.017)|||
|HHI x Skill|||-0.481*||||-0.161||||-0.263||
||||(0.249)||||(0.190)||||(0.222)||
|Market Share x Skill||||-0.363||||0.042||||0.070|
|||||(0.250)||||(0.331)||||(0.362)|
|N|39651|39651|39651|39651|39651|39651|39651|39651|39651|39651|39651|39651|
|Adj. R-sq|0.070|0.069|0.069|0.069|0.070|0.069|0.069|0.069|0.069|0.069|0.069|0.069|
|Fixed Efects|——|———Industr|y, Year———|—–—|——|———Industr|y, Year———|—–—|——|———Industr|y, Year———|—–—|