Explanatory variable

(1)

(2)

(3)

(4)

(5)

(6)

IVOL

IVOL

IVOL

IVOL

IVOL

INSM

−0.152^**

−0.0215^***

−0.0215^***

−0.0206^***

−0.360^***

−0.0531^**

(−1.98)

(−3.74)

(−3.74)

(−3.49)

(−5.04)

(−2.19)

INST

−0.00328^***

0.000598^***

0.000598^***

0.000598^***

0.000646^***

0.000699^***

(−3.03)

(5.00)

(5.00)

(7.01)

(8.84)

(6.22)

ROA

−2.169^***

0.0125

0.0125

0.141^***

−0.119^*

0.0965^**

(−5.37)

(0.42)

(0.42)

(3.91)

(−1.92)

(2.31)

BTM

−0.115

−0.171^***

−0.171^***

−0.183^***

−0.161^***

−0.187^***

(−1.23)

(−14.88)

(−14.88)

(−16.13)

(−13.30)

(−17.64)

OC

0.00331^**

0.0006^***

0.0006^***

0.0007^**

0.0007^***

0.0012^***

(2.33)

(5.93)

(5.93)

(1.98)

(3.22)

(4.22)

LEV

−0.134

0.0739^***

0.0739^***

0.0928^***

0.0442^***

0.0918^***

(−1.08)

(4.07)

(4.07)

(7.75)

(3.33)

(4.58)

TA

−0.0672^*

−0.0199^***

−0.0199^***

−0.0129^*

−0.0170^**

−0.0182^**

(−1.69)

(−5.57)

(−5.57)

(−1.92)

(−2.23)

(−2.83)

DEV_CFO

0.0614^*

0.00672^*

0.00672^*

0.000942

0.00727

0.00561

(1.78)

(1.88)

(1.88)

(0.20)

(1.11)

(1.30)

CONS

−0.596

0.922^***

0.922^***

0.872^***

0.869^***

(−1.28)

(11.68)

(11.68)

(6.59)

(7.41)

Industry dummy

YES

YES

YES

YES

YES

YES

Year dummy

YES

YES

YES

YES

YES

YES

N

7728

8361

8361

8361

6848

5426