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 |