Dependent Variables

Marginal effects-dy/dx

(2a)

Marginal effects-dy/dx

(2b)

Marginal effects-dy/dx

(2c)

Equity Asset

0.0000156*** (7.07)

0.0000155*** (7.07)

0.00001*** (6.87)

Marketsize_small

−0.083*** (−5.66)

−0.080*** (−5.47)

−0.090*** (−6.04)

Marketsize_intermediate

−0.010*** (−4.46)

−0.060*** (−4.46)

−0.059*** (−4.36)

Marketsize_large

0.0493*** (5.23)

0.0491*** (5.21)

0.045*** (4.78)

Strategic Investors_strong

0.027*** (2.77)

0.031*** (3.17)

0.030*** (3.05)

Strategic Investors_few

0.0040 (0.37)

0.003 (0.35)

0.002 (0.20)

Shareholder protection

-

−0.038*** (−3.78)

−0.038*** (−3.75)

Institutional distance

-

-

0.026*** (4.35)