(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