Independent variables

Model 1

Model 2

Model 3

Cash flow rights

−0.0739^a

(0.0001)

−0.0780^a

(0.0001)

−0.0740^a

(0.0001)

Control minus cash flow rights

0.0422^c

(0.0510)

Control exceeds cash flow rights dummy

0.1763^b

(0.0233)

0.0729

(0.4596)

Control exceeds cash flow rights, high

0.2226^c

(0.0896)

Market-to-book ratio

0.0184^c

(0.0807)

0.0143^c

(0.0901)

0.0107^c

(0.0758)

Long-term leverage ratio

0.1396^b

(0.0127)

0.1461^b

(0.0110)

0.1354^b

(0.0137)

Log of total assets

−0.2147^a

(0.0001)

−0.2135^a

(0.0001)

−0.2149^a

(0.0001)

Absolute difference ROA

0.1207^a

(0.0001)

0.1215^a

(0.0001)

0.1214^a

(0.0001)

Negative net income dummy

0.0239

(0.4076)

0.0233

(0.4200)

0.0263

(0.3630)

Absolute value of ROA

0.0143^c

(0.0743)

0.0215^c

(0.0759)

0.0186^c

(0.0834)

Intercept

−0.60503^c

(0.0602)

−0.64221^b

(0.0461)

−0.63064^b

(0.0496)

Adjusted R²

0.4701

0.4695

0.4586

Number of observations

2148

2148

2148