(1)

(2)

CE

CE

FRATIO

−0.003^**

(−2.36)

FNUM

−0.000^**

(−2.12)

pb

0.001^**

0.001^**

(2.21)

(2.14)

lev

0.003^***

0.003^***

(10.32)

(10.40)

roa

−0.048^***

−0.048^***

(−9.18)

(−9.17)

BLOCK

−0.004^***

−0.004^***

(−4.16)

(−4.19)

meet

0.001^***

0.001^***

(10.63)

(10.61)

aquality

0.002^*

0.002^*

(1.75)

(1.90)

FRATIO_aquality

−0.013^**

(−2.40)

FNUM_aquality

−0.001^*

(−1.84)

_cons

0.013^***

0.012^***

(5.69)

(5.58)

N

21,813

21,813

r2

0.142

0.142

r2_a

0.138

0.138

industry

YES

YES

year

YES

YES