|
| (1) | (2) | (3) |
| VARIABLES | DS | DS | DS |
| Confu_150 | −0.004*** | −0.004*** | −0.011*** |
|
| (−3.37) | (−3.48) | (−7.72) |
| Kim |
|
| −0.717*** |
|
|
|
| (−8.46) |
| Confu_150*Kim |
|
| 0.072*** |
|
|
|
| (8.46) |
| Independent |
| −0.052 | −0.050 |
|
|
| (−0.49) | (−0.48) |
| FIR |
| −0.001*** | −0.001*** |
|
|
| (−2.85) | (−2.74) |
| LEV |
| 0.205*** | 0.210*** |
|
|
| (6.24) | (6.45) |
| Growth |
| 0.000 | 0.000 |
|
|
| (0.83) | (0.84) |
| Fage |
| 0.002 | 0.002 |
|
|
| (1.32) | (1.25) |
| Bsize |
| −0.066* | −0.066* |
|
|
| (−1.90) | (−1.93) |
| Size |
| −0.078*** | −0.077*** |
|
|
| (−13.38) | (−13.22) |
| Capital |
| −0.000 | −0.000 |
|
|
| (−1.45) | (−1.39) |
| Constant | 0.987*** | 1.704*** | 1.768*** |
|
| (13.01) | (13.42) | (13.96) |
| Observations | 9393 | 9314 | 9314 |
| Number of code | 2479 | 2471 | 2471 |
| Industry FE | YES | YES | YES |
| Year FE | YES | YES | YES |