Variable | (1) | (2) | (3) | (4) |
ols | fe | weight!=. | on_support | |
MA | MA | MA | MA | |
ICQ | 0.0019*** | 0.0020*** | 0.0019*** | 0.0020*** |
(16.3626) | (18.9645) | (10.8463) | (18.6848) | |
Lnasset | −0.0430*** | −0.0926*** | −0.1146*** | −0.0907*** |
(−5.1413) | (−11.4806) | (−8.6483) | (−11.1282) | |
Lev | 0.3860*** | 0.1073** | 0.1550* | 0.1092** |
(7.9365) | (2.3743) | (1.8934) | (2.3910) | |
Growth | 0.0233*** | 0.0002 | −0.0052 | −0.0009 |
(3.5357) | (0.0319) | (−0.5050) | (−0.1526) | |
Dual | −0.0270 | 0.0101 | 0.0834* | 0.0057 |
(−1.3864) | (0.6074) | (1.7917) | (0.3358) | |
Balance | 0.0163 | −0.0462*** | −0.0953*** | −0.0558*** |
(1.4087) | (−4.6080) | (−3.7459) | (−5.1206) | |
Boardsize | −0.0284 | 0.0664 | 0.1289* | 0.0843** |
(−0.6140) | (1.6430) | (1.6639) | (2.0247) | |
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 | 0.0197 | 0.2933 | 0.2860 | 0.2926 |