|
| (1) | (2) |
| VARIABLES | rd | rd |
| did | 0.478* | 0.632** |
|
| (1.71) | (2.28) |
| size |
| 0.888*** |
|
|
| (6.36) |
| lev |
| −3.437*** |
|
|
| (−4.11) |
| cashflow |
| 3.170 |
|
|
| (1.29) |
| roe |
| 0.749 |
|
|
| (0.62) |
| growth |
| 0.296 |
|
|
| (0.55) |
| tobinq |
| −0.054 |
|
|
| (−0.58) |
| Constant | 15.391*** | −3.278 |
|
| (102.37) | (−1.10) |
| Observations | 1801 | 1801 |
| R-squared | 0.378 | 0.404 |
| industry | YES | YES |
| year | YES | YES |