| Earn | 0.150*** | −0.048 |
|
| (5.68) | (−1.23) |
| Cash | −0.077*** | −0.087*** |
|
| (−18.48) | (−11.89) |
| Outshare | −0.001 | −0.000 |
|
| (−1.58) | (−0.26) |
| ROI | −0.019 | 0.019 |
|
| (−0.98) | (0.63) |
| SA | −0.006*** | 0.001 |
|
| (−3.57) | (0.44) |
| Turnover | 0.000* | 0.001* |
|
| (1.70) | (1.82) |
| Capital | −0.080*** | −0.100*** |
|
| (−31.49) | (−14.91) |
| Sdret | 0.628*** | 1.113*** |
|
| (2.78) | (4.13) |
| Indd | 0.000** | 0.000 |
|
| (2.07) | (1.41) |
| Constant | −0.004 | 0.031** |
|
| (−0.52) | (2.29) |
| Year & Industry | No | Yes |
| Cluster | No | Yes |
| R-squared | 0.057 | 0.124 |
| N | 20,094 | 20,093 |