HCSE

(1)

(2)

(3)

(4)

(5)

(6)

HHI

−0.225***

−0.230***

−0.235***

−0.078***

−0.149***

−0.285***

(−3.051)

(−3.065)

(−3.084)

(−2.627)

(−4.807)

(−4.504)

COEFF

−0.056**

−0.055**

−0.055**

−0.127***

−0.137***

−0.084***

(−2.170)

(−2.110)

(−2.104)

(−5.504)

(−5.902)

(−3.328)

STD

0.219***

0.226***

0.223***

0.132***

0.186***

0.190***

(4.601)

(4.752)

(4.67)

(3.159)

(4.416)

(4.162)

AT

−0.042**

−0.051***

−0.047**

0.057***

0.071***

0.089***

(−2.222)

(−2.620)

(−2.365)

(11.409)

(13.41)

(15.091)

MB

−0.006**

−0.006**

−0.007**

0.004*

0.006**

0.001

(−2.129)

(−2.250)

(−2.336)

−1.957

−2.514

−0.488

LEVERAGE

−0.214***

−0.210***

−0.203***

−0.232***

−0.216***

−0.214***

(−4.990)

(−4.888)

(−4.713)

(−6.191)

(−5.806)

(−5.679)

PP & E

−0.140**

−0.146**

−0.151**

−0.103***

−0.035

0.03

(−2.267)

(−2.391)

(−2.475)

(−3.958)

(−1.149)

−0.803

R & D

−0.524**

−0.561***

−0.511**

0.926***

0.416***

0.221*

(−2.573)

(−2.725)

(−2.548)

(8.207)

(3.588)

(1.77)

ROA

−0.086

−0.09

−0.094

0.292***

0.250***

0.196***

(−1.481)

(−1.555)

(−1.637)

(5.088)

(4.387)

(3.406)

ADV

−0.111

−0.112

−0.16

0.884***

0.461***

0.376***

(−0.389)

(−0.391)

(−0.475)

(6.075)

(3.277)

(2.65)

EXACCR

0.199***

0.196***

0.193***

0.072***

0.147***

0.181***

(5.382)

(5.312)

(5.29)

(4.646)

(8.341)

(9.995)

MTR

0.106**

0.105**

0.103**

0.059*

0.080**

0.120***

(2.38)

(2.354)

(2.305)

(1.655)

(2.241)

(3.296)

CEO FE

YES

YES

YES

NO

NO

NO

Industry FE

FF12

FF49

4-digit SIC

FF12

FF49

4-digit SIC

Year FE

YES

YES

YES

YES

YES

YES

Adj.R²

0.683

0.684

0.685

0.127

0.174

0.271

N

12,992

12,992

12,992

12,992

12,992

12,992