RATE

IP

−0.010***

(−3.76)

SIZE

−0.001

(−0.50)

MTB

0.001**

(2.13)

LEV

−0.016**

(−2.31)

ROA

0.740***

(25.71)

PPE

0.045***

(6.68)

INTANG

0.018

(1.10)

LOSS

0.009

(1.53)

Industry

Control

Year

Control

Constant

0.065**

(2.57)

Obs

20739

Adj.R2

0.073