(1)

(2)

(3)

VARIABLES

GI

GI

GI

Index

0.266***

(2.770)

L1.Index

0.202**

(1.653)

L2.Index

0.264**

(1.740)

age

0.042***

0.052***

0.052**

(3.588)

(3.327)

(2.479)

lev

1.114***

1.339***

1.452***

(6.072)

(5.949)

(5.618)

seperation

0.025***

0.027***

0.031***

(5.445)

(4.877)

(4.570)

ROA

0.368

0.412

0.426

(1.121)

(1.084)

(1.016)

board

−0.239

−0.361**

−0.371*

(−1.638)

(−2.056)

(−1.771)

Largest holder

−0.004*

−0.005*

−0.004

(−1.797)

(−1.668)

(−1.191)

fin

−1.034***

−1.597***

−1.054**

(−2.881)

(−2.887)

(−2.417)

TobinQ

−0.001

−0.002

0.001

(−0.114)

(−0.100)

(0.065)

year

−0.108***

−0.101**

−0.121**

(−3.295)

(−2.308)

(−2.168)

_cons

217.724***

203.117**

244.176**

(3.301)

(2.316)

(2.172)

N

3136

2499

2015

r2_a

0.027

0.028

0.028