|
| (1) | (2) | (3) |
| SD | −2.451*** | −1.310** | −1.404** |
|
| (−3.701) | (−2.248) | (−2.408) |
| SIZE |
| 4.911*** | 4.829*** |
|
|
| (11.565) | (11.084) |
| ROA |
| 87.962*** | 87.804*** |
|
|
| (24.760) | (24.813) |
| LEV |
| −7.565*** | −7.354*** |
|
|
| (−5.507) | (−5.307) |
| SMTH |
| −3.428 | −3.861 |
|
|
| (−0.883) | (−0.987) |
| TURN |
| −0.331 | −0.394 |
|
|
| (−0.430) | (−0.509) |
| EXCP |
| 1.928*** | 1.924*** |
|
|
| (4.372) | (4.400) |
| LIST |
| 2.684 | 2.987+ |
|
|
| (1.430) | (1.764) |
| MB |
| −3.818*** | −3.892*** |
|
|
| (−3.268) | (−3.340) |
| MANSHAE |
| −4.326** | −4.585** |
|
|
| (−2.358) | (−2.526) |
| _cons | 27.462*** | −119.490*** | −116.983*** |
|
| (79.130) | (−7.709) | (−7.891) |
| Year | No | Control | Control |
| Industry | No | No | Control |
| N | 15724 | 15167 | 15167 |
| adj.R2 | 0.001 | 0.264 | 0.264 |