(1)

(2)

VARIABLES

MV

MV

sSTABLE_1

0.0460^*

(0.0262)

cSTABLE_1

0.141^***

(0.0209)

Size

0.778^***

0.791^***

(0.00842)

(0.00718)

Dual

−0.0583^***

−0.0534^***

(0.0174)

(0.0144)

Re

1.642^***

1.274^***

(0.213)

(0.188)

Soe

0.0603^***

0.0798^***

(0.0181)

(0.0154)

Lev

0.0249

0.0403

(0.0484)

(0.0398)

Growth

0.0964^***

0.107^***

(0.0191)

(0.0167)

Age

0.120^***

0.126^***

(0.0233)

(0.0175)

Year/Ind

是

是

Constant

4.941^***

4.496^***

(0.279)

(0.257)

Observations

2432

3341

R-squared

0.869

0.880