(1)

(2)

VARIABLES

GI_A

GI_D

Tone2

0.035***

0.863**

(4.17)

(2.34)

SIZE

0.000

0.035***

(1.64)

(11.51)

LEV

−0.005***

−0.098***

(−9.85)

(−4.40)

GROWTH

−0.000***

−0.003*

(−5.36)

(−1.70)

ROA

−0.035***

−1.090***

(−21.69)

(−15.09)

IDR

0.001

−0.008

(0.96)

(−0.18)

DAceo

0.001***

0.015**

(3.92)

(2.17)

LOSS

0.014***

0.154***

(35.63)

(8.71)

Constant

−0.001

−0.707***

(−0.60)

(−9.42)

Observations

13,296

13,296

R-squared

0.271

0.105

ind FE

YES

YES

Year FE

YES

YES