| 
 | (1) | (2) | (3) | 
| VARIABLES | IMU | IMU | Sent | 
| Limit | 1.412*** | 2.501*** | 1.666*** | 
| (0.414) | (0.181) | (0.0269) | |
| Sent | 0.653*** | 
 | 
 | 
| (0.179) | 
 | 
 | |
| REPU | −0.0545 | −0.0668 | −0.0189 | 
| (0.0390) | (0.0404) | (0.0249) | |
| PB | −0.437*** | −0.350** | 0.133*** | 
| (0.128) | (0.151) | (0.0282) | |
| SIZE | −0.286*** | −0.324*** | −0.0570*** | 
| (0.0381) | (0.0380) | (0.0151) | |
| FUND | −0.000272 | 0.00160 | 0.00286* | 
| (0.000689) | (0.00113) | (0.00158) | |
| ROE | −0.0141*** | −0.0189*** | −0.00726*** | 
| (0.00382) | (0.00522) | (0.000857) | |
| AGE | −0.00766** | −0.0130*** | −0.00823*** | 
| (0.00290) | (0.00378) | (0.00114) | |
| Constant | 8.581*** | 8.743*** | 0.248 | 
| (0.747) | (0.648) | (0.298) | |
| Observations | 586 | 586 | 586 | 
| R-squared | 0.418 | 0.385 | 0.664 | 
| Number of Ind | 16 | 16 | 16 | 
| Year | YES | YES | YES | 
| Industry | YES | YES | YES |