Salary

Range

Strategy = 0

Strategy = 1

Strategy = 0

Strategy = 1

Roe

7.981***

8.717***

0.575***

1.011***

(5.887)

(7.421)

(3.272)

(7.186)

Size

1.479***

2.490***

0.097***

0.222***

(9.401)

(17.267)

(4.761)

(12.852)

Growth

−0.229

0.152

0.020

0.007

(−0.408)

(0.377)

(0.272)

(0.144)

Lev

−1.466**

−3.005***

−0.065

−0.263***

(−2.176)

(−4.787)

(−0.748)

(−3.501)

Risk

0.170

0.022

0.025*

0.020*

(1.564)

(0.245)

(1.748)

(1.810)

Qty

4.345***

5.426***

0.093

0.103*

(7.566)

(11.079)

(1.245)

(1.764)

Bsize

−1.808***

−1.382**

−0.214**

−0.100

(−2.660)

(−2.462)

(−2.434)

(−1.485)

Top10

−0.594

0.012

0.074

−0.072

(−0.696)

(0.017)

(0.667)

(−0.849)

Soe

−0.921***

−0.864***

−0.103***

−0.047

(−3.266)

(−3.496)

(−2.814)

(−1.584)

Industry

Control

Control

Control

Control

Year

Control

Control

Control

Control

_cons

−34.783***

−61.633***

−1.298***

−4.412***

(−10.297)

(−20.011)

(−2.966)

(−11.961)

N

843

2160

843

2160

R²

0.413

0.345

0.235

0.230

Adj R²

0.388

0.334

0.202

0.217