|
| (1) | (2) | (3) |
| VARIABLES | Score | Score | Score |
| did | 0.462** | 0.502** |
|
|
| (2.38) | (2.46) |
|
| Size |
| 0.060 | 0.062 |
|
|
| (1.51) | (1.56) |
| Roa |
| −0.383 | −0.371 |
|
|
| (−1.40) | (−1.35) |
| Lev |
| −0.415*** | −0.402*** |
|
|
| (−2.74) | (−2.65) |
| TobinQ |
| 0.008 | 0.010 |
|
|
| (0.54) | (0.68) |
| Tato |
| −0.124 | −0.132 |
|
|
| (−1.49) | (−1.58) |
| Ret |
| 0.066** | 0.065** |
|
|
| (2.33) | (2.30) |
| Soe |
| −0.182* | −0.181* |
|
|
| (−1.80) | (−1.79) |
| Top1 |
| 0.357 | 0.363 |
|
|
| (1.23) | (1.25) |
| Sharesbalance |
| 0.084 | 0.085 |
|
|
| (1.63) | (1.64) |
| Dual |
| −0.064 | −0.064* |
|
|
| (−1.64) | (−1.65) |
| Mhold |
| 0.588*** | 0.587*** |
|
|
| (4.06) | (4.04) |
| HHI |
| −0.358 | −0.365 |
|
|
| (−1.03) | (−1.05) |
| IndTobinQ |
| 0.001 | −0.001 |
|
|
| (0.02) | (−0.03) |
| eventz1 |
|
| 0.530 |
|
|
|
| (1.57) |
| eventz2 |
|
| 0.339 |
|
|
|
| (1.25) |
| eventz4 |
|
| 0.130 |
|
|
|
| (0.51) |
| eventz5 |
|
| 1.238*** |
|
|
|
| (4.75) |
| eventz6 |
|
| 0.783*** |
|
|
|
| (3.67) |
| eventz7 |
|
| 0.544*** |
|
|
|
| (3.03) |
| eventz8 |
|
| 0.506** |
|
|
|
| (2.29) |
| eventz9 |
|
| 0.651** |
|
|
|
| (2.19) |
| Constant | 2.404*** | 1.136 | 1.087 |
|
| (230.17) | (1.31) | (1.25) |
| Adjusted R2 | 0.477 | 0.482 | 0.482 |
| Year | YES | YES | YES |
| Firm | YES | YES | YES |
| N | 4,361 | 4,361 | 4,361 |