Variable | (1) Dependent Variable: AQ | (2) Dependent Variable: DiscAQ | ||
Coefficient estimate | t-statistic | Coefficient estimate | t-statistic | |
PActiveIndep | 0.002** | 2.11 | 0.002*** | 2.79 |
(0.001) |
| (0.001) |
| |
Size | 0.003*** | 7.37 | −0.001*** | −3.23 |
(0.000) |
| (0.000) |
| |
Lev | −0.008*** | −2.82 | −0.008*** | −3.21 |
(0.003) |
| (0.002) |
| |
MB | −0.001*** | −2.91 | −0.000** | −2.47 |
(0.000) |
| (0.000) |
| |
ROA | 0.030*** | 3.32 | 0.019*** | 2.67 |
(0.009) |
| (0.007) |
| |
Dloss | −0.003* | −1.87 | 0.001 | 0.94 |
(0.002) |
| (0.001) |
| |
Finance | −0.002*** | −2.84 | −0.002** | −2.52 |
(0.001) |
| (0.001) |
| |
MA | 0.001 | 0.86 | 0.001 | 0.96 |
(0.001) |
| (0.001) |
| |
Pindep | 0.003 | 1.18 | 0.004 | 1.72 |
(0.003) |
| (0.002) |
| |
Intercept | −0.047*** | −9.61 | 0.009** | 2.05 |
(0.005) |
| (0.004) |
| |
Year fixed effect | Yes |
| Yes |
|
Industry fixed effect | Yes |
| Yes |
|
N | 7701 |
| 7335 |
|
Adj. R-square | 0.066 |
| 0.017 |
|