(1)

(2)

(3)

(4)

Trans

Trans

Trans

Trans

Fbr

−0.111^***

−0.252^**

−0.091^***

−0.190^***

(−4.26)

(−2.48)

(−7.25)

(−4.23)

IC

0.147^***

0.140^***

(17.86)

(17.50)

Fbr * IC

0.030^*

0.021^***

(1.87)

(3.00)

Size

0.181^***

0.136^***

0.182^***

0.137^***

(26.00)

(20.84)

(26.16)

(21.05)

Gro

0.156^***

0.038^*

0.157^***

0.041^**

(7.27)

(1.93)

(7.34)

(2.03)

Sta

0.183^***

0.170^***

0.172^***

0.163^***

(11.21)

(11.38)

(10.51)

(10.88)

Fin

−0.018^**

−0.026^***

−0.017^*

−0.025^***

(−2.04)

(−3.20)

(−1.93)

(−3.10)

Lev

−0.920^***

−0.628^***

−0.922^***

−0.635^***

(−21.43)

(−15.59)

(−21.54)

(−15.78)

Constant

−0.649^***

−0.653^***

−0.631^***

−0.607^***

(−4.34)

(−4.54)

(−4.24)

(−4.28)

Industry/Year

yes

yes

yes

yes

N

6205

6205

6205

6205

R-squared

0.164

0.298

0.169

0.300