Variables

β

The value of t

VIF

AGE

0.00021**

(0.38)

1.140

PAY

−0.0133

(−0.92)

1.210

PLACE

−0.00542

(−0.81)

1.060

LEV

0.0446**

(2.81)

1.210

ROA

0.00633

(0.56)

1.030

CEO

−0.0141

(−1.37)

1.030

IND2

0.00403

(0.31)

1.760

IND3

0.0185

(0.99)

1.200

IND4

0.0195*

(2.06)

2.060

IND5

0.00504

(0.39)

1.520

SHARE1

0.00764

(0.35)

1.220

SHAREC

−0.00567

(−0.68)

1.080

SIZE

0.00178

(0.26)

1.630

YEAR2012

0.131***

(13.01)

1.770

YEAR2013

−0.0407***

(−4.16)

1.790

α

0.634***

(8.08)

R2

0.23

adj.R2

0.21

N

1647

Mean VIF

1.24