| (1) | (2) |
| Sticky | Sticky |
VC | −0.066*** | −0.065*** |
| (−3.07) | (−3.02) |
Size | −0.0180 | −0.0160 |
| (−1.61) | (−1.40) |
Lev | 0.485*** | 0.444*** |
| (7.86) | (6.94) |
ROA | 4.138*** | 4.099*** |
| (25.19) | (24.80) |
Age | 0.069** | 0.064* |
| (2.03) | (1.81) |
Growth | 0.040*** | 0.035*** |
| (5.12) | (4.32) |
TOP1 | −0.231*** | −0.213*** |
| (−3.25) | (−2.95) |
MSH | −0.388*** | −0.364*** |
| (−6.33) | (−5.87) |
Salary | −0.082*** | −0.086*** |
| (−4.97) | (−5.02) |
Cons | 1.060*** | 1.075*** |
| (4.06) | (3.81) |
Industry | NO | YES |
Year | NO | YES |
N | 11800 | 11800 |
AdjR2 | 0.0560 | 0.0630 |