(1) GW

(2) GW

(3) GW

xCompacc

−1.915***

−2.32***

−1.968***

(0.697)

(0.689)

(0.673)

xICQ

0.001

−0.001*

(0.001)

(0)

CompaccxICQ

0**

(0)

CE

−0.898*

−0.84*

−0.805*

(0.473)

(0.472)

(0.474)

PE

0

0

0

(0)

(0)

(0)

EQUITYEARING

1.281***

1.103***

1.077***

(0.32)

(0.332)

(0.333)

LNmarketprice

−0.046

−0.017

0.004

(0.068)

(0.068)

(0.067)

PB

−0.069***

−0.075***

(0.019)

(0.019)

LEVERAGE2

−1.618***

−1.527***

(0.337)

(0.336)

_cons

9.844***

10.219***

9.652***

(1.581)

(1.566)

(1.552)

Observations

501

501

501

R-squared

0.071

0.149

0.14