JR

0.071***

(8.747)

0.054***

(7.048)

0.061***

(7.598)

−0.006

(−0.748)

0.071***

(8.728)

BOARD

−0.070***

(−7.548)

−0.069***

(−7.734)

−0.058***

(−6.256)

0.023**

(2.330)

−0.070***

(−7.483)

BI

0.007

(0.719)

−0.047***

(−5.409)

0.015

(1.708)

0.008

(0.859)

0.007

(0.743)

COMP

0.027***

(3.070)

−0.140***

(−17.002)

0.053***

(6.136)

0.031***

(3.325)

0.027***

(3.165)

AGE

−0.180***

(−20.184)

−0.106***

(−12.461)

−0.160***

(−18.154)

0.021**

(2.193)

−0.179***

(−20.125)

CF

0.021**

(2.301)

0.110***

(12.507)

0.001

(0.072)

−0.008

(−0.807)

0.021**

(2.279)

PPE

−0.200***

(−23.347)

−0.228***

(−28.036)

−0.157***

(−18.145)

0.024***

(2.639)

−0.199***

(−23.275)

SOE

−0.032***

(−4.099)

−0.133***

(−17.795)

−0.007

(−0.932)

0.012

(1.390)

−0.032***

(−4.061)

IND

control

control

control

control

control

YEAR

control

control

control

control

control

Adj_R²

0.145

0.228

0.172

0.018

0.145

D-W

1.825

1.408

1.903

1.993

1.827

F

108.541***

189.196***

127.160***

12.518***

104.390***

N

14,000

14,000

14,000

14,000

14,000