(1)

(2)

(3)

(4)

(5)

IVOL

CEOT

CEOT

COBT

COBT

TZ_INSM

−0.343^**

−1.288

−0.820

(−2.24)

(−1.67)

(−0.93)

INSM

−0.160^*

−0.131

(−1.94)

(−1.37)

IVOL

0.710^**

0.598^*

(2.13)

(1.69)

BTM

−0.169^***

−0.160

−0.104

−0.0612

0.0243

(−20.27)

(−1.49)

(−0.81)

(−0.61)

(0.18)

OC

0.00113^***

0.00482^***

0.00435^**

0.00366^**

0.00445^**

(8.06)

(3.09)

(2.38)

(2.36)

(2.27)

LEV

0.0719^***

−0.0839

−0.152

−0.0480

−0.104

(6.17)

(−0.61)

(−0.99)

(−0.35)

(−0.63)

TA

−0.0199^***

−0.0409

0.0132

−0.0798^*

−0.0493

(−5.61)

(−0.96)

(0.27)

(−1.86)

(−0.95)

DEV_CFO

0.00527^*

0.0293

−0.0108

0.0881^**

0.0470

(1.73)

(0.78)

(−0.26)

(2.35)

(1.05)

CONS

1.229^***

−2.179

−0.660

−1.134^**

−1.342^*

(7.74)

(−0.16)

(−0.59)

(−2.27)

(−1.86)

Industry dummy

YES

YES

YES

YES

YES

Year dummy

YES

YES

YES

YES

YES

N

4177

6362

5052

7728

5152