(1)

(2)

(3)

(4)

VARIABLES

GI

GI

GI

GI

Index

0.266***

(2.770)

coverage

0.231**

(2.471)

usage

0.200***

(2.995)

digition

0.029

(0.467)

Age

0.042***

0.042***

0.045***

0.042***

(3.588)

(3.547)

(3.775)

(3.518)

Lev

1.114***

1.117***

1.141***

1.105***

(6.072)

(6.086)

(6.211)

(5.986)

Seperation

0.025***

0.025***

0.025***

0.025***

(5.445)

(5.473)

(5.454)

(5.418)

ROA

0.368

0.358

0.351

0.355

(1.121)

(1.089)

(1.069)

(1.077)

Board

−0.239

−0.240

−0.252*

−0.270*

(−1.638)

(−1.643)

(−1.728)

(−1.854)

Largest holder

−0.004*

−0.004*

−0.004*

−0.004*

(−1.797)

(−1.784)

(−1.809)

(−1.818)

Fin

−1.034***

−1.034***

−1.050***

−1.082***

(−2.881)

(−2.880)

(−2.928)

(−3.015)

TobinQ

−0.001

−0.001

0.003

−0.001

(−0.114)

(−0.079)

(0.231)

(−0.105)

Year

−0.108***

−0.095***

−0.090***

−0.033

(−3.295)

(−3.034)

(−3.571)

(−1.396)

_cons

217.724***

191.005***

180.986***

66.459

(3.301)

(3.040)

(3.579)

(1.406)

N

3136

3136

3136

3136

r2_a

0.027

0.027

0.027

0.025