| (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 | 7728 | 6384 |