(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