(1)

(2)

Perform

Perform

debt

−1.004***

−1.541***

(0.188)

(0.201)

scale

0.036

(0.060)

age

0.231

(0.526)

board

0.015

(0.016)

Msr

0.004

(0.003)

Ogr

0.395***

(0.074)

_cons

0.578***

−0.872

(0.095)

(2.035)

N

662.000

662.000

r2

0.245

0.462

r2_a

0.236

0.451

F

10.031

14.868

year

Yes

Yes

firm

Yes

Yes