SI_Cost

0.0630^*

0.0282^*

(1.6893)

(1.7132)

Lnsize

−0.0057

−0.0020

(−0.4030)

(−0.3230)

Lev

−0.0039

−0.0294

(−0.0501)

(−0.8615)

ATO

0.1831^***

0.1186^***

(3.7980)

(5.5707)

Cashflow

−0.3832^***

−0.1157^**

(−3.1894)

(−2.1817)

Growth

0.0001

−0.0000

(1.1746)

(−0.0820)

Board

0.0185

−0.0308

(0.2786)

(−1.0533)

Indep

−0.0430

−0.0271

(−0.1853)

(−0.2645)

Top10

−0.0234

−0.1383^***

(−0.2755)

(−3.6486)

Dual

0.0200

−0.0063

(1.0703)

(−0.7598)

Industry

Yes

Yes

Year

Yes

Yes

Underwriter

Yes

Yes

_cons

−0.0374

0.1589^*

(−0.1739)

(1.6778)

N

206

206

r²

0.323

0.390