| Model (1) | Model (2) | Model (3) |
| EM | EM | EM |
Red | 0.004* | 0.006*** | 0.004* |
| (1.8921) | (2.6174) | (1.7721) |
Siz | 0.016*** | 0.016*** | 0.016*** |
| (3.5867) | (3.5910) | (3.5634) |
Gro | −0.000 | 0.000 | −0.000 |
| (−0.0090) | (0.0118) | (−0.0012) |
Sta | 0.002 | 0.003 | 0.002 |
| (0.2882) | (0.3113) | (0.2665) |
Lev | −0.074*** | −0.073*** | −0.074*** |
| (−3.6482) | (−3.6242) | (−3.6440) |
Roa | −0.000 | 0.000 | −0.000 |
| (−0.0168) | (0.0115) | (−0.0087) |
CFO | −0.000*** | −0.000*** | −0.000*** |
| (−3.7799) | (−3.7595) | (−3.7805) |
Ins | 0.008 | 0.012 | 0.008 |
| (0.5178) | (0.7552) | (0.4983) |
Aud | −0.003 | −0.002 | −0.002 |
| (−0.3812) | (−0.2756) | (−0.3692) |
Own |
| −0.007 |
|
|
| (−1.0466) |
|
Own*Red |
| 0.008* |
|
|
| (1.8735) |
|