|
| (1) | (2) |
|
| Sticky | Sticky |
| VC | −0.053*** | −0.054*** |
|
| (−2.71) | (−2.77) |
| Size | −0.020** | −0.021** |
|
| (−2.03) | (−1.99) |
| Lev | 0.477*** | 0.484*** |
|
| (8.37) | (8.20) |
| ROA | 3.689*** | 3.703*** |
|
| (24.66) | (24.49) |
| Age | 0.0440 | 0.077** |
|
| (1.42) | (2.38) |
| Growth | 0.037*** | 0.035*** |
|
| (4.64) | (4.22) |
| TOP1 | −0.187*** | −0.175*** |
|
| (−2.89) | (−2.67) |
| MSH | −0.380*** | −0.356*** |
|
| (−7.01) | (−6.50) |
| Salary | −0.073*** | −0.067*** |
|
| (−4.74) | (−4.17) |
| Cons | 1.028*** | 0.789*** |
|
| (4.33) | (3.02) |
| Ind | NO | YES |
| Year | NO | YES |
| N | 14477 | 14477 |
| AdjR2 | 0.0440 | 0.0480 |