| (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 |