(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