| VARIABLES | (1) | (2) |
| rd | rd | |
| ff |
| 0.0114*** |
|
|
| (0.0040) |
| eof | 0.0014*** | −0.0004 |
|
| (0.0002) | (0.0007) |
| ffeof |
| 0.0030** |
|
|
| (0.0012) |
| lev | 0.0041*** | −0.0130*** |
|
| (0.0013) | (0.0025) |
| growth | 0.0001 | 0.0000 |
|
| (0.0004) | (0.0004) |
| roa | 0.0299*** | 0.0255*** |
|
| (0.0043) | (0.0043) |
| board | 0.0002 | 0.0002 |
|
| (0.0002) | (0.0002) |
| dir | 0.0083* | 0.0079* |
|
| (0.0045) | (0.0044) |
| top5 | −0.0045*** | −0.0061*** |
|
| (0.0014) | (0.0014) |
| nature | −0.0007 | −0.0005 |
|
| (0.0005) | (0.0005) |
| Ind | Yes | Yes |
| Year | Yes | Yes |
| Constant | 0.0007 | 0.0022 |
|
| (0.0032) | (0.0036) |
| Observations | 5826 | 5826 |
| R-squared | 0.350 | 0.362 |