(1)

(2)

AR

−0.1285**

−0.1218**

(−2.21)

(−2.10)

UR

0.0102

(0.55)

ROE

0.6435

(0.83)

Level

−0.6454***

(−3.38)

Size

0.0209

(0.52)

Share

0.0019

(0.57)

IndDirPct

0.0056

(1.07)

State

−0.4144***

(−5.04)

_cons

1.4298***

0.7669

(47.03)

(0.92)

N

1297

1297

adj. R2

0.2701

0.2944