Pension Plan Contributions, Free Cash Flows and Financial Slack

Legend:

Bold indicates significant at .01 level of significance

Bold and italic indicates significant at .05 level of significance

Italic indicates significant at .10 level of significance

EXHIBIT 3 Pooled Regression Results

			A Total Sample	B Firms with FCFA>0	C Firms with FCFA<0
R-Square			35.8%	33.4%	40.7%
N			8,643	5,299	3,344
VARIABLE	EXPECTED DIRECTION	YEAR	Coefficient [significance]	Coefficient [significance]	Coefficient [significance]
FCFA	+	91	0.0039 [0.037]	0.0118 [0.000]	-0.0063 [0.117]
		92	0.0052 [0.004]	0.0111 [0.003]	-0.0071 [0.026]
		93	0.0023 [0.202]	0.0062 [0.071]	-0.0036 [0.280]
		94	0.0073 [0.000]	0.0114 [0.001]	0.0032 [0.362]
		95	0.0028 [0.119]	0.0029 [0.427]	0.0021 [0.557]
		96	0.0023 [0.149]	0.0070 [0.021]	-0.0016 [0.597]
PENROA		91	0.0753	0.0536	0.1057
		92	0.1358	0.1371	0.1062
		93	0.0597	0.0453	0.1053
		94	0.0451	0.0286	0.0892
		95	0.0140	0.0223	-0.0004
		96	0.1249	0.1321	0.1098
FUNDA	-	91	-0.0613	-0.0516	-0.0755
		92	-0.0698	-0.0723	-0.0661
		93	-0.0669	-0.0645	-0.0716
		94	-0.0696	-0.0698	-0.0693
		95	-0.0635	-0.0637	-0.0626
		96	-0.0906	-0.0884	-0.0927
BENA	+	91	0.1038	0.1143	0.0854
		92	0.0843	0.0995	0.0731
		93	0.1408	0.1379	0.1313
		94	0.1390	0.1430	0.1295
		95	0.1651	0.1474	0.1883
		96	0.1321	0.1134	0.1567
TAX	+	91	-0.0000	0.0000	0.0000
		92	0.0000	0.0000	0.0000
		93	0.0000	0.0000	0.0000
		94	-0.0000	-0.0000	0.0000
		95	-0.0000	-0.0000	0.0000
		96	-0.0000	-0.0000	-0.0000