Variables

Dcost 1

Dcost 2

(1) Lower

(2) Higher

(3) Lower

(4) Higher

RD

RD

RD

RD

Layer

−0.00298**

−0.000634

−0.000852

−0.00191

(−2.152)

(−1.006)

(−0.821)

(−1.634)

Size

−0.00226**

−0.000526

−0.00161**

−0.00156

(−2.401)

(−0.724)

(−2.162)

(−1.193)

Lev

−0.00981

−0.00163

0.000205

−0.00337

(−1.512)

(−0.486)

(0.0399)

(−0.557)

Growth

−0.00169

0.00119***

−0.00244***

0.000712

(−1.624)

(2.648)

(−2.877)

(0.901)

Cash

0.0233

−0.00536

0.00808

0.0398**

(1.421)

(−0.517)

(0.689)

(2.097)

Top1

0.000204***

−3.44e−05

0.000239***

−3.93e−05

(2.716)

(−0.809)

(4.140)

(−0.510)

Year

−0.00140

0.00116

−0.00395

0.00414

Industry

−0.0173

0.00753

−0.000724

0.00500

Constant

0.0691***

0.0101

0.0398**

0.0337

(3.142)

(0.612)

(2.174)

(1.154)

Observations

344

344

344

344

R-squared

0.175

0.142

0.136

0.108