Independent variable

Predation risk

Similarities in operations

Dependent variable

SDC1

ECH1

FF1

SDC1

ECH1

FF1

Model

(1)

(2)

(3)

(4)

(5)

(6)

PMC

−0.003***

(−3.90)

−0.000

(−0.22)

−0.004***

(−2.84)

−0.002

(−0.62)

0.010**

(3.53)

0.008**

(2.12)

NTC

0.018***

(13.13)

0.019***

(13.91)

0.037***

(19.00)

0.018***

(13.14)

0.020***

(14.05)

0.038***

(19.11)

Cash flow

0.061***

(10.27)

0.029***

(4.78)

0.088***

(10.44)

0.061***

(10.23)

0.028***

(4.71)

0.088***

(10.36)

Capex

−0.065***

(−7.62)

−0.128***

(−14.71)

−0.192***

(−15.66)

−0.065***

(−7.60)

−0.129***

(−14.79)

−0.193***

(−15.71)

Size

0.001

(0.99)

−0.010***

(−11.04)

−0.009***

(−7.54)

0.001

(1.14)

−0.010***

(−11.22)

−0.010***

(−7.55)

Tang

−0.020***

(−5.47)

−0.203***

(−54.85)

−0.221***

(−42.37)

−0.020***

(−5.37)

−0.204***

(−54.90)

−0.222***

(−42.34)

Tobin’s Q

−0.003***

(−6.21)

−0.001**

(−2.02)

−0.004***

(−6.01)

−0.003***

(−6.23)

−0.001**

(−2.05)

−0.004***

(−6.05)

IPO

0.017***

(8.27)

0.104***

(48.85)

0.121***

(40.54)

0.017***

(8.01)

0.103***

(48.94)

0.120***

(40.42)

Inst

−0.002

(−0.81)

−0.006**

(−2.21)

−0.009**

(−2.15)

−0.002

(−0.56)

−0.006**

(−2.17)

−0.008*

(−1.94)

State

0.023***

(8.44)

−0.002

(−0.74)

0.021***

(5.26)

0.023***

(8.48)

−0.002

(−0.66)

0.021***

(5.35)

Year Effect

Yes

Yes

Yes

Yes

Yes

Yes

N

18,785

18,785

18,785

18,785

18,785

18,785

Wald x2(n)

616.21

7086.69

4656.75

600.93

7105.03

4652.85

Rho

0.544

0.567

0.584

0.545

0.566

0.584