Variable

Pred. Sign

Model (5-1)

Model (5-2)

Supp

−

−0.105331 (−5.630)^***

−0.297599 (−4.224)^***

Supp²

+

0.21948 (2.917)^***

Buyer

−

−0.001520 (−0.070)

−0.161638 (−2.347)^**

Buyer²

+

0.201407 (2.481)^**

Size

+

−0.046974 (−13.142)^***

−0.049433 (−13.670)^***

MTB

+

0.000122 (0.118)

0.000147 (0.143)

Leverage

+

0.313886 (12.881)^***

0.313654 (12.910)^***

Z-SCORE

+

0.001352 (2.121)^**

0.000972 (1.51)

Cashflow

+

0.190145 (3.796)^***

0.193630 (3.874)^***

SelfHHI

+

0.123698 (2.700)^***

0.129489 (2.831)^***

R²

0.131

0.139

Adjusted R²

0.127

0.134

F-Statistic

37.452

31.761

N

1997

1997