|
| (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 |