SI_Cost

−0.0582^**

−0.1169^**

(−2.3179)

(−2.1304)

Lnsize

0.0136

0.0312

(1.3610)

(1.4438)

Lev

−0.1779^***

−0.4126^***

(−3.0884)

(−3.5603)

ATO

0.1462^***

0.2944^***

(3.0264)

(5.3585)

Cashflow

−0.2888

0.1130

(−1.0053)

(0.5993)

Growth

−0.0003

0.0020^**

(−0.7363)

(2.0295)

Board

0.0422

0.2090^**

(0.8113)

(2.1786)

Indep

0.1435

0.5783^*

(0.7271)

(1.7100)

Top10

0.0037

0.0806

(0.0616)

(0.5849)

Dual

−0.0023

0.0420

(−0.1498)

(1.4234)

Industry

Yes

Yes

Year

Yes

Yes

Underwriter

Yes

Yes

_cons

0.0125

−0.6847^**

(0.0579)

(−2.0900)

N

370

370

r²

0.2847

0.2689