VARIABLES | (1) | (2) | (3) | (4) |
Financial inefficiency | P > |t| | Social inefficiency | P > |t| | |
size | 1.103 | 0.152 | 1.906 | 0.124 |
| (0.752) |
| (1.206) |
|
size2 | −0.0286 | 0.134 | −0.0464 | 0.125 |
| (0.0188) |
| (0.0295) |
|
car | −0.835 | 0.264 | −0.490 | 0.575 |
| (0.735) |
| (0.865) |
|
risk | 0.694 | 0.189 | 1.217 | 0.111 |
| (0.517) |
| (0.742) |
|
liquidity | −0.00867*** | 0.003 | 0.000390 | 0.939 |
| (0.00268) |
| (0.00507) |
|
facr | 0.0593*** | 0.001 | −0.0192 | 0.476 |
| (0.0169) |
| (0.0266) |
|
efc | 0.0302* | 0.070 | −0.000695 | 0.975 |
| (0.0161) |
| (0.0223) |
|
sub | −0.148 | 0.106 | −0.0881 | 0.494 |
| (0.0889) |
| (0.127) |
|
Constant | −10.69 | 0.165 | −19.51 | 0.124 |
| (7.529) |
| (12.35) |
|
sigma | 0.174*** |
| 0.273*** |
|
| (0.0294) |
| (0.0452) |
|
Observations | 40 |
| 40 |
|