| SD |
|
| −0.150 |
|
|
|
| (−0.693) |
| SIZE | 4.697*** | 4.089*** | 0.757*** |
|
| (9.647) | (9.936) | (4.115) |
| ROA | 92.861*** | 93.726*** | 4.436** |
|
| (21.882) | (26.950) | (2.294) |
| SMTH | −1.368 | −1.895 | −0.371 |
|
| (−0.302) | (−0.481) | (−0.214) |
| TURN | −0.724 | −0.924 | 0.494 |
|
| (−0.844) | (−1.204) | (1.636) |
| EXCP | 2.366*** | 2.034*** | 0.006 |
|
| (4.611) | (4.632) | (0.035) |
| LIST | 7.525* | 3.132* | 0.197 |
|
| (1.787) | (1.805) | (0.288) |
| MB | −5.394*** | −3.028*** | −0.220 |
|
| (−3.886) | (−2.627) | (−0.515) |
| MANSHAE | −2.754 | −4.108** | −0.701 |
|
| (−1.307) | (−2.251) | (−0.724) |
| _cons | −158.809*** | −107.442*** | −13.946* |
|
| (−4.794) | (−7.240) | (−1.806) |
| Year | Control | Control | Control |
| Industry | Control | Control | Control |
| N | 11599 | 15167 | 1926 |
| adj.R2 | 0.240 | 0.262 | 0.047 |