SMTH

−0.044^**

−3.553

0.006

−3.845

(−2.186)

(−0.909)

(0.290)

(−0.982)

TURN

−0.036^***

−0.454

0.009+

−0.370

(−5.648)

(−0.582)

(1.922)

(−0.476)

EXCP

0.003

1.855^***

−0.003

1.916^***

(0.955)

(4.243)

(−1.328)

(4.378)

LIST

−0.019^*

2.633

−0.004

2.975^*

(−1.648)

(1.557)

(−0.545)

(1.750)

MB

0.037^***

−3.850^***

−0.015^***

−3.933^***

(4.490)

(−3.302)

(−2.878)

(−3.374)

MANSH

0.105^***

−4.314^**

0.013

−4.550^**

(5.203)

(−2.379)

(1.151)

(−2.506)

_cons

0.307^***

−112.406^***

−0.008

−117.006^***

(2.607)

(−7.584)

(−0.099)

(−7.873)

Year

Control

Control

Control

Control

Industry

Control

Control

Control

Control

N

15133

15133

15167

15167

adj.R²

0.159

0.263

0.019

0.264