(1)

(2)

AbsDA

AbsDA

Dsoe

−0.003**

(−2.48)

Soeshare

−0.003**

(−2.12)

Size

−0.004***

−0.004***

(−10.36)

(−10.39)

Lev

0.012***

0.012***

(3.93)

(3.91)

ROA

−0.148***

−0.148***

(−11.39)

(−11.39)

Growth

0.020***

0.020***

(12.91)

(12.91)

FirmAge

0.002

0.002

(1.44)

(1.37)

Balance1

0.004***

0.004***

(3.57)

(3.57)

Dual

0.002***

0.002***

(3.35)

(3.35)

_cons

0.140***

0.141***

(15.16)

(15.24)

Year FE

Yes

Yes

Industry FE

Yes

Yes

N

37,894

37,894

R2

0.096

0.095