| VARIABLES | DA (6) | DA (7) |
| Constant | −0.348 | −0.508 |
| (0.436) | (0.350) | |
| Pay | 0.021** |
|
| (0.041) |
| |
| Pay*Strindx | 0.001* |
|
| (0.085) |
| |
| Stock |
| 0.019* |
|
| (0.061) | |
| Stock*Strindx |
| 0.040* |
|
| (0.055) | |
| Strindx | −0.007 | 0.018*** |
| (0.160) | (0.006) | |
| Size | 0.008 | 0.013 |
| (0.748) | (0.650) | |
| Lev | 0.112** | 0.114** |
| (0.044) | (0.040) | |
| Roa | −0.052 | −0.053 |
| (0.814) | (0.810) | |
| Mb | −0.001 | −0.001 |
| (0.404) | (0.408) | |
| State | −0.011 | −0.009 |
| (0.558) | (0.610) | |
| Big4 | −0.022 | −0.030 |
| (0.429) | (0.354) | |
| Manshare | 0.001 | 0.001 |
| (0.219) | (0.316) | |
| Year | Yes | Yes |
| Industry | Yes | Yes |
| Observations | 4713 | 4713 |
| adj. R-sq | 0.103 | 0.100 |