| (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 |