(1)

(2)

(3)

SA

DT

SA

DF

−0.032^***

0.440^***

−0.030^***

(0.003)

(0.051)

(0.003)

DT

−0.005^***

(0.001)

Size

−0.001

0.323^***

0.001

(0.001)

(0.020)

(0.001)

Lev

−0.074^***

0.059

−0.074^***

(0.005)

(0.078)

(0.005)

CFO

−0.009

−0.075

−0.010

(0.008)

(0.119)

(0.008)

Growth

0.001

0.001

0.001

(0.001)

(0.010)

(0.001)

ROA

−0.024^***

0.102

−0.023^***

(0.005)

(0.084)

(0.005)

Tobinq

0.003^***

0.033^***

0.003^***

(0.000)

(0.006)

(0.000)

_cons

−3.097^***

−6.840^***

−3.128^***

(0.026)

(0.409)

(0.027)

IND

YES

YES

YES

YEAR

YES

YES

YES

N

15552.000

15552.000

15552.000

r²

0.839

0.272

0.840

r²_a

0.797

0.080

0.798