|
| (1) | |
| VARIABLES | TobinQ | |
| fp | 0.021** | |
|
| (0.009) | |
| Size | −0.238*** | |
|
| (0.022) | |
| Lev | 0.512*** | |
|
| (0.136) | |
| ROA | 7.835*** | |
|
| (0.861) | |
| ROE | −1.900*** | |
|
| (0.309) | |
| ATO | −0.171*** | |
|
| (0.042) | |
| Cashflow | 1.495*** | |
|
| (0.326) | |
| REC | −0.146 | |
|
| (0.226) | |
| INV | 0.602*** | |
|
| (0.196) | |
| FIXED | −0.603*** | |
|
| (0.125) | |
| Growth | 0.012 | |
|
| (0.034) | |
| Indep | 0.560** | |
|
| (0.264) | |
| Dual | 0.017 | |
|
| (0.039) | |
| Top1 | 0.037 | |
|
| (0.141) | |
| Top5 | −0.040 | |
|
| (0.477) | |
| Top10 | 0.521 | |
|
| (0.445) | |
| BM | −0.129*** | |
|
| (0.013) | |
| SOE | −0.054 | |
|
| (0.036) | |
| ListAge | 0.252*** | |
|
| (0.023) | |
| Big4 | 0.168*** | |
|
| (0.053) | |
| Constant | 6.946*** | |
|
| (0.648) | |
| Observations | 4,166 | |
| R-squared | 0.406 | |
| r2_a | 0.392 | |
| F | . | |