| 
 | (1) | (2) | 
| 
 | DIV | DIV | 
| FF | 0.159*** | 0.120*** | 
| 
 | (16.37) | (13.10) | 
| FF*EPU | 
 | 0.132*** | 
| 
 | 
 | (6.04) | 
| EPU | 
 | 0.005 | 
| 
 | 
 | (0.39) | 
| Growth | −0.015*** | −0.015*** | 
| 
 | (−3.11) | (−3.12) | 
| ROA | 2.560*** | 2.547*** | 
| 
 | (42.54) | (42.52) | 
| TQ | −0.015*** | −0.015*** | 
| 
 | (−7.85) | (−7.83) | 
| SH | 0.001*** | 0.001*** | 
| 
 | (7.76) | (7.57) | 
| Size | 0.042*** | 0.043*** | 
| 
 | (22.50) | (22.74) | 
| _cons | −0.939*** | −0.945*** | 
| 
 | (−21.24) | (−21.39) | 
| N | 12842.000 | 12842.000 | 
| r2 | 0.396 | 0.399 | 
| r2_a | 0.394 | 0.398 | 
| ind | Yes | Yes | 
| year | Yes | Yes |