(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