(1)

(2)

VARIABLES

TobinQ

TobinQ

sSTABLE_2

0.171^*

(0.0977)

cSTABLE_2

0.519^***

(0.0785)

Size

−0.486^***

−0.448^***

(0.0248)

(0.0208)

Dual

−0.178^***

−0.176^***

(0.0514)

(0.0417)

Re

4.196^***

3.180^***

(0.629)

(0.545)

Soe

0.179^***

0.190^***

(0.0534)

(0.0445)

Lev

−0.0992

−0.0157

(0.143)

(0.115)

Growth

0.258^***

0.271^***

(0.0564)

(0.0483)

Age

0.321^***

0.350^***

(0.0687)

(0.0508)

Year/Ind

是

是

Constant

11.05^***

10.28^***

(0.822)

(0.744)

Observations

2432

3341

R-squared

0.330

0.298