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