|
| (1) | (2) | (3) | (4) |
|
| Tq | Tq | Tq | Tq |
| Don | 0.753** | 0.743*** | 0.930*** | 0.937*** |
|
| (2.52) | (2.92) | (3.28) | (3.78) |
| Asset |
|
| −0.661*** | −0.616*** |
|
|
|
| (−21.31) | (−21.03) |
| Lev |
|
| −0.539*** | −0.316** |
|
|
|
| (−3.92) | (−2.45) |
| Industry |
|
| 0.195*** | −0.0303 |
|
|
|
| (5.44) | (−0.39) |
| No1share |
|
| 0.387*** | 0.431*** |
|
|
|
| (3.06) | (3.55) |
| Board |
|
| 0.0015 | −0.0194 |
|
|
|
| (0.10) | (−1.39) |
| Both |
|
| 0.069* | 0.0753** |
|
|
|
| (1.88) | (2.26) |
| IND |
|
| 0.675 | 0.0264 |
|
|
|
| (1.63) | (0.07) |
| age |
|
| 0.028*** | 0.0438*** |
|
|
|
| (7.20) | (11.07) |