Explanatory variable | (1) | (2) |
CEOT | CEOT | |
IVOL | 0.576*** | 1.078*** |
| (3.16) | (3.48) |
INST | −0.00375*** | −0.00390*** |
| (−3.45) | (−3.28) |
ROA | −2.230*** | −1.617*** |
| (−5.59) | (−3.66) |
BTM | −0.0348 | −0.0387 |
| (−0.35) | (−0.35) |
OC | 0.00291** | 0.00247 |
| (2.05) | (1.54) |
LEV | −0.183 | −0.172 |
| (−1.48) | (−1.27) |
TA | −0.0414 | −0.0162 |
| (−1.06) | (−0.38) |
DEV_CFO | 0.0450 | 0.0260 |
| (1.32) | (0.70) |
CONS | −1.318*** | −1.587*** |
| (−2.76) | (−2.72) |
Industry dummy | YES | YES |
Year dummy | YES | YES |
N | 7728 | 6384 |