(1)

(2)

(3)

(4)

ILLIQ_M

ILLIQ_M

Roll_Y

Roll_Y

Investor

−6.982*

−7.770*

0.004*

0.005**

(−1.86)

(−1.70)

(1.80)

(2.36)

Size

−0.742

−0.003**

(−0.38)

(−2.16)

Institution

−0.484

−0.000

(−1.17)

(−0.47)

Lev

2.277

0.008

(0.17)

(0.85)

ROA

88.037

0.020

(1.59)

(0.55)

TOP1

0.139

−0.000

(1.09)

(−0.25)

SOE

−3.692

−0.006

(−0.84)

(−1.50)

Big4

−1.092

−0.000

(−0.28)

(−0.01)

Indep

−128.869

0.049**

(−1.35)

(2.20)

BoardNum

−6.681

0.001

(−1.39)

(1.27)

Dual

1.022

0.005*

(0.19)

(1.70)

Anaattention

−0.335

0.001

(−0.18)

(0.72)

Constant

2.884

154.301

0.050***

0.082***

(0.49)

(1.33)

(18.47)

(2.67)

Year

Yes

Yes

Yes

Yes

Industry

Yes

Yes

Yes

Yes

N

150

146

152

150

Adj R2

−0.086

0.024

0.207

0.286