AEM: modified Jones model (1995)

Equation (1)

Equation (2)

Equation (3)

VC

−0.012

(T statistic)

(−1.53)

SINGLE

−0.023^**

(T statistic)

(−2.51)

UNION

−0.004

−0.004

(T statistic)

(−0.34)

(−0.36)

AUDIT

0.001

0.001

0.001

(T statistic)

(0.16)

(0.12)

(−0.03)

UW

0.003

0.002

0.001

(T statistic)

(0.34)

(0.26)

(0.03)

SIZE

−0.011

−0.010

−0.007

(T statistic)

(−1.05)

(−1.00)

(−0.58)

GROWTH

0.047^***

0.047^***

0.049^**

(T statistic)

(2.63)

(2.69)

(2.17)

LEV

−0.015

−0.016

0.001

(T statistic)

(−0.39)

(−0.40)

(−0.01)

CASH

−0.081

−0.075

−0.056

(T statistic)

(−1.12)

(−1.03)

(−0.65)

Constant

0.335^*

0.327^*

0.329

(T statistic)

(1.74)

(1.70)

(1.42)

Number of Observations

405

405

323

R²

0.116

0.121

0.135

Adjusted R-squared

0.072

0.075

0.081