|
| (1) | (2) |
| VARIABLES | rd | rd |
| did | 0.454*** | 0.518*** |
|
| (3.75) | (4.33) |
| size |
| 1.040*** |
|
|
| (19.40) |
| lev |
| −4.677*** |
|
|
| (−14.72) |
| cashflow |
| −0.361 |
|
|
| (−0.46) |
| roe |
| −0.114 |
|
|
| (−0.26) |
| growth |
| 0.686*** |
|
|
| (3.88) |
| tobinq |
| 0.031 |
|
|
| (1.10) |
| Constant | 15.249*** | −6.048*** |
|
| (198.91) | (−5.32) |
| Observations | 12,714 | 12,714 |
| R-squared | 0.399 | 0.431 |
| industry | YES | YES |
| year | YES | YES |