(1)

(2)

VARIABLES

TobinQ

TobinQ

sSTABLE_1

0.157^**

(0.0772)

cSTABLE_1

0.353^***

(0.0608)

Size

−0.486^***

−0.444^***

(0.0248)

(0.0208)

Dual

−0.180^***

−0.177^***

(0.0514)

(0.0418)

Re

4.202^***

3.106^***

(0.629)

(0.545)

Soe

0.180^***

0.193^***

(0.0534)

(0.0446)

Lev

−0.0972

−0.0290

(0.143)

(0.116)

Growth

0.261^***

0.265^***

(0.0564)

(0.0483)

Age

0.322^***

0.357^***

(0.0686)

(0.0508)

Year/Ind

是

是

Constant

11.05^***

10.20^***

(0.821)

(0.745)

Observations

2432

3341

R-squared

0.330

0.296