(1)

(2)

CE

CE

FRATIO

−0.003^**

(−2.35)

FNUM

−0.000^**

(−2.35)

pb

0.001^*

0.001^*

(1.95)

(1.90)

lev

0.003^***

0.003^***

(10.48)

(10.56)

roa

−0.047^***

−0.047^***

(−9.08)

(−9.07)

BLOCK

−0.004^***

−0.004^***

(−4.16)

(−4.19)

meet

0.001^***

0.001^***

(10.64)

(10.62)

_cons

0.014^***

0.014^***

(6.86)

(6.94)

N

21,813

21,813

r2

0.141

0.141

r2_a

0.138

0.138

industry

YES

YES

year

YES

YES