Salary

Range

Strategy = 0

Strategy = 1

Strategy = 0

Strategy = 1

Roa

12.748***

14.709***

0.614*

1.617***

(4.782)

(7.353)

(1.784)

(6.740)

Size

1.502***

2.531***

0.101***

0.228***

(9.489)

(17.668)

(4.917)

(13.263)

Growth

−0.055

0.181

0.037

0.012

(−0.098)

(0.448)

(0.506)

(0.239)

Lev

−0.789

−2.517***

−0.050

−0.216***

(−1.084)

(−3.897)

(−0.527)

(−2.785)

Risk

0.166

−0.000

0.025*

0.017

(1.517)

(−0.002)

(1.750)

(1.558)

Qty

4.298***

5.475***

0.089

0.108*

(7.433)

(11.171)

(1.191)

(1.842)

Bsize

−1.838***

−1.462***

−0.212**

−0.108

(−2.683)

(−2.600)

(−2.392)

(−1.597)

Top10

−0.563

−0.133

0.097

−0.080

(−0.651)

(−0.186)

(0.869)

(−0.939)

Soe

−0.935***

−0.887***

−0.110***

−0.051*

(−3.280)

(−3.589)

(−2.982)

(−1.709)

Industry

Control

Control

Control

Control

Year

Control

Control

Control

Control

_cons

−35.480***

−62.525***

−1.380***

−4.537***

(−10.448)

(−20.433)

(−3.145)

(−12.366)

N

843

2160

843

2160

R²

0.405

0.345

0.228

0.228

Adj R²

0.379

0.333

0.195

0.215