| (1) | (2) |
| Sticky | Sticky |
VC | −0.076*** | −0.072*** |
| (−3.20) | (−3.02) |
Size | −0.00900 | −0.0100 |
| (−0.66) | (−0.74) |
Lev | 0.484*** | 0.491*** |
| (6.57) | (6.42) |
ROA | 3.808*** | 3.829*** |
| (20.09) | (19.98) |
Age | 0.090** | 0.112** |
| (2.18) | (2.55) |
Growth | 0.037*** | 0.032*** |
| (4.01) | (3.29) |
TOP1 | −0.317*** | −0.318*** |
| (−3.62) | (−3.58) |
MSH | −0.406*** | −0.372*** |
| (−5.36) | (−4.85) |
Salary | −0.105*** | −0.101*** |
| (−5.22) | (−4.77) |
Cons | 1.172*** | 1.165*** |
| (3.79) | (3.44) |
Ind | NO | YES |
Year | NO | YES |
N | 8112 | 8112 |
AdjR2 | 0.0540 | 0.0560 |