| Explanatory variable | (1) | (2) |
| CEOT | CEOT | |
| IVOL | 0.576*** | 1.078*** |
|
| (3.16) | (3.48) |
| INST | −0.00375*** | −0.00390*** |
|
| (−3.45) | (−3.28) |
| ROA | −2.230*** | −1.617*** |
|
| (−5.59) | (−3.66) |
| BTM | −0.0348 | −0.0387 |
|
| (−0.35) | (−0.35) |
| OC | 0.00291** | 0.00247 |
|
| (2.05) | (1.54) |
| LEV | −0.183 | −0.172 |
|
| (−1.48) | (−1.27) |
| TA | −0.0414 | −0.0162 |
|
| (−1.06) | (−0.38) |
| DEV_CFO | 0.0450 | 0.0260 |
|
| (1.32) | (0.70) |
| CONS | −1.318*** | −1.587*** |
|
| (−2.76) | (−2.72) |
| Industry dummy | YES | YES |
| Year dummy | YES | YES |
| N | 7728 | 6384 |