(1)

(2)

CEOT

CEOT

IVOL

0.558^***

1.054^***

(3.06)

(3.39)

INST

−0.00370^***

−0.00385^***

(−3.40)

(−3.24)

INSM

−0.139^*

−0.111

(−1.81)

(−1.31)

ROA

−2.106^***

−1.524^***

(−5.22)

(−3.42)

BTM

−0.0173

−0.0226

(−0.18)

(−0.20)

OC

0.00287^**

0.00243

(2.02)

(1.52)

LEV

−0.158

−0.154

(−1.27)

(−1.12)

TA

−0.0552

−0.0282

(−1.39)

(−0.64)

DEV_CFO

0.0559

0.0356

(1.62)

(0.93)

CONS

−1.107^**

−1.411^**

(−2.25)

(−2.35)

Industry dummy

YES

YES

Year dummy

YES

YES

N

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