| (1) | (2) |
VARIABLES | LnGP | LnGIP |
GMA | 0.312*** | 0.192*** |
| −4.59 | −3.4 |
Size | 0.512*** | 0.407*** |
| −16.42 | −15.69 |
Age | −0.003 | −0.001 |
| (−0.60) | (−0.27) |
Lev | −0.391* | −0.344** |
| (−1.90) | (−2.01) |
Grow | −0.046* | −0.019 |
| (−1.90) | (−0.91) |
ROA | 1.053 | 1.015* |
| −1.48 | −1.71 |
TobinQ | 0.085** | 0.088*** |
| −2.37 | −2.95 |
Board | 0.157 | 0.186 |
| −0.93 | −1.31 |
Top1 | 0 | 0 |
| (−0.09) | −0.25 |
Constant | −10.805*** | −8.949*** |
| (−16.20) | (−16.14) |
R-squared | 0.335 | 0.308 |