Variable | (1) | (2) | (3) | (4) |
ols | fe | weight!=. | on_support | |
MA | MA | MA | MA | |
ICQ | 0.0003*** | 0.0003*** | 0.0003*** | 0.0003*** |
(16.3035) | (19.8476) | (11.6847) | (19.7437) | |
Lnasset | −0.0111*** | −0.0199*** | −0.0261*** | −0.0199*** |
(−8.2284) | (−15.7447) | (−12.6950) | (−15.6061) | |
Lev | 0.0611*** | 0.0126* | 0.0318** | 0.0137* |
(7.8112) | (1.7738) | (2.5021) | (1.9057) | |
Growth | 0.0045*** | 0.0002 | −0.0008 | 0.0000 |
(4.2875) | (0.1966) | (−0.4874) | (0.0092) | |
Dual | −0.0036 | 0.0017 | 0.0129* | 0.0014 |
(−1.1648) | (0.6515) | (1.7909) | (0.5372) | |
Balance | 0.0046** | −0.0059*** | −0.0143*** | −0.0069*** |
(2.4872) | (−3.7691) | (−3.6105) | (−4.0379) | |
Boardsize | −0.0094 | 0.0099 | 0.0212* | 0.0112* |
(−1.2589) | (1.5550) | (1.7613) | (1.7233) | |
Ind | 未固定 | 固定 | 固定 | 固定 |
Year | 未固定 | 固定 | 固定 | 固定 |
n | 15,655 | 15,655 | 5382 | 15,231 |
Adj. R2 | 0.0059 | 0.3104 | 0.3016 | 0.3096 |