OSL

TobinQ

2sls(1)

res

2sls(2)

TobinQ

res

−0.0170^***

−0.0730^***

(−2.58)

(−3.99)

l.res

0.3904^***

(21.47)

Size

−0.126^**

0.1774^***

−0.234^***

(−2.28)

(7.97)

(−12.53)

Lev

−0.231

−0.1079

−0.915^***

(−1.26)

(−0.72)

(−7.02)

ROA2

1.689^***

0.1596

6.548^***

(2.80)

(0.22)

(6.97)

ROE

0.235

0.4645

−1.621^***

(0.69)

(1.00)

(−3.52)

Cashflow

0.0827

−0.0091

1.258^***

(0.34)

(−0.02)

(3.36)

Growth

−0.00434

0.1213^***

−0.0237^*

(−0.97)

(3.23)

(−1.86)

CAP

−0.0841^***

0.0015

0.0171

(−5.46)

(0.12)

(1.56)

Invest1

−0.326^**

−0.6895

−0.0808

(−2.04)

(−1.65)

(−0.36)

Indep

0.0129^***

0.0055

0.00764^***

(3.18)

(1.50)

(2.72)

Dual

−0.0534

−0.0049

0.0778^**

(−1.12)

(−0.11)

(2.05)

Top10

−0.00262

−0.0016

0.00190^*

(−1.03)

(−1.07)

(1.69)

Seperate

0.000659

0.0031

0.000932

(0.16)

(1.03)

(0.42)

FirmAge

0.618

0.0290

0.0911

(1.58)

(0.35)

(1.58)

_cons

3.780^***

−3.2246^***

6.689^***

(2.67)

(−5.96)

(15.54)

Year

Yes

Yes

Yes

Firm

Yes

Yes

Yes

N

8532

8532

8532