Dependent Variable = RD

Suest test

(1)

(2)

(3)

OC

0.00071**

(0.95)

0.00095**

(0.85)

0.00044***

(0.68)

FC

−0.00228*

(−1.05)

−0.00188**

(−1.12)

−0.00027**

(−0.21)

OC*FC

0.00249**

(2.52)

0.00234***

(1.67)

0.00114**

(1.89)

0.0104

SIZE

−0.00136*

(−1.45)

−0.00414**

(−3.02)

0.00332***

(3.77)

LEV

−0.01671***

(−5.60)

−0.01843***

(−4.44)

−0.01274***

(−3.99)

ROA

−0.02891***

(−4.92)

−0.03859***

(−4.61)

−0.01059**

(−1.82)

TBQ

−0.00043**

(−1.89)

−0.00057*

(−1.98)

0.00081**

(2.28)

SHARE

−0.01666**

(−2.76)

−0.03505*

(−3.76)

0.00386*

(0.74)

DAULITY

0.00118*

(1.32)

0.00155*

(1.21)

0.00048*

(0.56)

R²

0.1711

0.1011

0.0947

N

5915

3912

2003