(1)

(2)

(3)

lnrd

SA

lnrd

vc

0.116^***

−0.005^***

0.137^***

(3.861)

(−2.907)

(4.258)

SA

−0.183^***

(−2.642)

soe

−0.047

0.006

−0.086^*

(−1.001)

(1.296)

(−1.699)

size

0.637^***

0.004

0.602^***

(22.361)

(1.219)

(20.225)

age

−0.040

0.123^***

−0.183^**

(−0.592)

(4.606)

(−2.498)

lev

−0.030

0.025^***

0.111

(−0.281)

(3.195)

(1.038)

cash

1.210^***

0.013

0.699^**

(4.173)

(1.316)

(2.298)

roe

0.185

−0.006

0.115

(1.022)

(−1.175)

(0.621)

(−11.241)

year

Yes

Yes

Yes

Ind(id)

Yes

Yes

No

_cons

−9.999^***

3.515^***

−6.598^***

(−18.241)

(37.497)

(−11.526)

R²

0.4623

0.9911

0.3515

N

3310

3310

3310