| 
 | (1) | 
| VARIABLES | GI | 
| Index | 0.252* | 
| 
 | (1.73) | 
| age | 0.113*** | 
| 
 | (3.01) | 
| lev | 0.911*** | 
| 
 | (2.76) | 
| seperation | 0.020*** | 
| 
 | (3.66) | 
| ROA | 0.874 | 
| 
 | (1.06) | 
| board | −0.182 | 
| 
 | (−0.87) | 
| Largest holder | −0.007** | 
| 
 | (−2.47) | 
| fin | −3.230*** | 
| 
 | (−3.02) | 
| TobinQ | 0.023 | 
| 
 | (1.05) | 
| year | −0.203** | 
| 
 | (−2.51) | 
| Constant | 408.439** | 
| 
 | (2.51) | 
| Observations | 946 | 
| R-squared | 0.038 |