|
| (1) | (2) |
|
| Sticky | Sticky |
| VC | −0.045** | −0.045** |
|
| (−2.57) | (−2.54) |
| Size | −0.023*** | −0.024*** |
|
| (−2.59) | (−2.63) |
| Lev | 0.459*** | 0.455*** |
|
| (9.04) | (8.65) |
| ROA | 3.795*** | 3.805*** |
|
| (29.09) | (28.88) |
| Age | 0.0460 | 0.059** |
|
| (1.64) | (2.01) |
| Growth | 0.043*** | 0.041*** |
|
| (6.36) | (5.80) |
| TOP1 | −0.211*** | −0.205*** |
|
| (−3.61) | (−3.43) |
| MSH | −0.399*** | −0.373*** |
|
| (−7.96) | (−7.36) |
| Salary | −0.076*** | −0.073*** |
|
| (−5.53) | (−5.07) |
| Cons | 1.140*** | 0.975*** |
|
| (5.37) | (4.19) |
| Industry | NO | YES |
| Year | NO | YES |
| N | 17784 | 17784 |
| AdjR2 | 0.0500 | 0.0540 |