| 
 | (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 |