| DA | REM |
SI_Cost | −0.0582** | −0.1169** |
(−2.3179) | (−2.1304) | |
Lnsize | 0.0136 | 0.0312 |
(1.3610) | (1.4438) | |
Lev | −0.1779*** | −0.4126*** |
(−3.0884) | (−3.5603) | |
ATO | 0.1462*** | 0.2944*** |
(3.0264) | (5.3585) | |
Cashflow | −0.2888 | 0.1130 |
(−1.0053) | (0.5993) | |
Growth | −0.0003 | 0.0020** |
(−0.7363) | (2.0295) | |
Board | 0.0422 | 0.2090** |
(0.8113) | (2.1786) | |
Indep | 0.1435 | 0.5783* |
(0.7271) | (1.7100) | |
Top10 | 0.0037 | 0.0806 |
(0.0616) | (0.5849) | |
Dual | −0.0023 | 0.0420 |
(−0.1498) | (1.4234) | |
Industry | Yes | Yes |
Year | Yes | Yes |
Underwriter | Yes | Yes |
_cons | 0.0125 | −0.6847** |
(0.0579) | (−2.0900) | |
N | 370 | 370 |
r2 | 0.2847 | 0.2689 |