Size | 0.036 | 1.63 | 0.009** | 1.99 |
KS | 0.326*** | 5.87 | 0.033*** | 3.45 |
PH | 0.079*** | 3.51 | 0.024*** | 4.68 |
BG | 0.030** | 2.04 | 0.012*** | 2.79 |
NK | −0.124*** | −3.49 | −0.011 | −1.46 |
WL | −0.056** | −2.51 | −0.018*** | −3.40 |
PG | −0.020 | −1.29 | 0.003 | 0.75 |
Log (MV) | 0.033** | 2.12 | 0.009** | 2.43 |
Turnover | 0.084 | 0.17 | −0.077 | −0.70 |
Volatility | −1.517 | −1.09 | 0.555 | 1.64 |
Age | −0.339*** | −10.62 | −0.008 | −1.22 |
Cons | −0.274 | −0.56 | −0.350*** | −3.19 |
Annual fixed effect | Yes | Yes | ||
Company fixed effect | Yes | Yes | ||
R2 | 0.11 | 0.04 | ||
Sample size | 17,122 | 17,122 |