(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