|
| (1) | (2) | (3) | (4) | (5) |
|
| TobinQ | TobinQ | TobinQ | TobinQ | TobinQ |
| AI | 0.084*** |
|
|
|
|
| (0.012) |
|
|
|
| |
| BD |
| 0.002 |
|
|
|
|
| (0.046) |
|
|
| |
| CC |
|
| 0.032*** |
|
|
|
|
| (0.010) |
|
| |
| DT |
|
|
| 0.016 |
|
|
|
|
| (0.010) |
| |
| ADT |
|
|
|
| 0.043*** |
|
|
|
|
| (0.008) | |
| Top | −0.241*** | −0.262*** | −0.249*** | −0.256*** | −0.258*** |
| (0.070) | (0.069) | (0.070) | (0.070) | (0.069) | |
| Board | −0.006 | −0.006 | −0.006 | −0.006 | −0.006 |
| (0.005) | (0.005) | (0.005) | (0.005) | (0.005) | |
| Lev | −0.554*** | −0.567*** | −0.562*** | −0.566*** | −0.560*** |
| (0.060) | (0.060) | (0.060) | (0.060) | (0.060) | |
| Soe | 0.026 | 0.021 | 0.023 | 0.022 | 0.030* |
| (0.018) | (0.018) | (0.018) | (0.018) | (0.018) | |
| Size | −0.360*** | −0.356*** | −0.358*** | −0.357*** | −0.361*** |
| (0.010) | (0.010) | (0.010) | (0.011) | (0.011) | |
| Ba | −0.057*** | −0.057*** | −0.055*** | −0.057*** | −0.058*** |
| (0.018) | (0.018) | (0.018) | (0.018) | (0.018) | |
| Dual | −0.014 | −0.008 | −0.010 | −0.009 | −0.012 |
| (0.018) | (0.018) | (0.018) | (0.018) | (0.018) | |
| _cons | 10.484*** | 10.426*** | 10.442*** | 10.445*** | 10.497*** |
| (0.218) | (0.218) | (0.218) | (0.218) | (0.219) | |
| N | 26,093 | 26,093 | 26,093 | 26,093 | 26,093 |
| R2 | 0.2728 | 0.2713 | 0.2716 | 0.2714 | 0.2722 |
| INDUSTRY | YES | YES | YES | YES | YES |
| YEAR | YES | YES | YES | YES | YES |