|
| (1) |
| VARIABLES | rd |
| pre_5 | −0.224 |
|
| (−0.51) |
| pre_4 | 0.491 |
|
| (0.95) |
| pre_3 | 0.513 |
|
| (1.01) |
| pre_2 | 0.515 |
|
| (1.00) |
| pre_1 | 0.695 |
|
| (1.35) |
| current | 0.875 |
|
| (1.56) |
| post_1 | 0.866* |
|
| (1.68) |
| post_2 | 1.085* |
|
| (1.92) |
| post_3 | 1.278** |
|
| (2.35) |
| post_4 | 1.252** |
|
| (2.29) |
| post_5 | 1.173** |
|
| (2.10) |
| size | 2.092*** |
|
| (13.17) |
| lev | −3.646*** |
|
| (−26.14) |
| cashflow | 0.215 |
|
| (0.89) |
| roe | −1.817*** |
|
| (−4.26) |
| growth | −0.165 |
|
| (−1.10) |
| tobinq | −0.005 |
|
| (−0.17) |
| Constant | −29.775*** |
|
| (−9.06) |
| Observations | 12,714 |
| Number of groups | 1881 |
| industry | YES |
| year | YES |
| R-squared | 0.160 |