VARIABLES

(1)

(2)

(3)

(4)

rd

rd

rd

rd

ff

0.0037^***

0.0393^***

0.0383^***

0.0202^***

(0.0013)

(0.0028)

(0.0028)

(0.0024)

lev

−0.0391^***

−0.0387^***

−0.0136^***

(0.0029)

(0.0029)

(0.0025)

growth

0.0020^***

0.0023^***

−0.0000

(0.0005)

(0.0005)

(0.0004)

roa

0.0084^*

0.0111^**

0.0260^***

(0.0047)

(0.0047)

(0.0043)

board

−0.0002

−0.0002

0.0001

(0.0002)

(0.0002)

(0.0002)

dir

0.0132^**

0.0129^**

0.0076^*

(0.0052)

(0.0052)

(0.0044)

top5

−0.0187^***

−0.0181^***

−0.0054^***

(0.0016)

(0.0016)

(0.0014)

nature

0.0025^***

0.0026^***

−0.0001

(0.0006)

(0.0006)

(0.0005)

Ind

No

No

Yes

Yes

Year

No

No

No

Yes

Constant

0.0210^***

0.0199^***

0.0186^***

−0.0009

(0.0008)

(0.0034)

(0.0034)

(0.0032)

Observations

5826

5826

5826

5826

R-squared

0.001

0.086

0.094

0.357