(1)

(2)

(3)

VARIABLES

GI

KZ

GI

Index

0.266***

−0.530***

0.243**

(2.770)

(−4.656)

(2.523)

KZ

−0.044***

(−2.897)

age

0.042***

0.030**

0.044***

(3.588)

(2.168)

(3.702)

lev

1.114***

6.899***

1.416***

(6.072)

(31.733)

(6.717)

seperation

0.025***

−0.003

0.025***

(5.445)

(−0.493)

(5.426)

ROA

0.368

−7.331***

0.048

(1.121)

(−18.844)

(0.139)

board

−0.239

−0.488***

−0.261*

(−1.638)

(−2.822)

(−1.784)

largest holder

−0.004*

−0.011***

−0.005**

(−1.797)

(−4.114)

(−2.007)

fin

−1.034***

0.225

−1.024***

(−2.881)

(0.530)

(−2.856)

TobinQ

−0.001

0.135***

0.004

(−0.114)

(8.988)

(0.347)

year

−0.108***

0.115***

−0.103***

(−3.295)

(2.947)

(−3.142)

_cons

217.724***

−230.850***

207.638***

(3.301)

(−2.955)

(3.148)

N

3136

3136

3136

r2_a

0.027

0.410

0.029