(1)

(2)

VARIABLES

DC

DC

Fpg*Msh

−0.002^**

(−2.07)

Fpg

−0.004^***

−0.003^***

(−2.97)

(−1.62)

Size

0.017

0.015

(1.52)

(1.29)

Lev

−0.233^***

−0.231^***

(−5.83)

(−5.79)

Roa

−0.339^***

−0.354^***

(−7.24)

(−7.56)

Ind

0.078

0.003

(0.42)

(0.02)

Board

0.040

0.027

(0.99)

(0.67)

Dual

0.019^*

0.019^*

(1.92)

(1.92)

Msh

0.007

0.004^***

(0.93)

(5.76)