| (1) | (2) | (3) | (4) | (5) |
IVOL | CEOT | CEOT | COBT | COBT | |
TZ_INSM | −0.343** | −1.288 | −0.820 |
|
|
| (−2.24) | (−1.67) | (−0.93) |
|
|
INSM |
|
|
| −0.160* | −0.131 |
|
|
|
| (−1.94) | (−1.37) |
IVOL |
|
| 0.710** |
| 0.598* |
|
|
| (2.13) |
| (1.69) |
BTM | −0.169*** | −0.160 | −0.104 | −0.0612 | 0.0243 |
| (−20.27) | (−1.49) | (−0.81) | (−0.61) | (0.18) |
OC | 0.00113*** | 0.00482*** | 0.00435** | 0.00366** | 0.00445** |
| (8.06) | (3.09) | (2.38) | (2.36) | (2.27) |
LEV | 0.0719*** | −0.0839 | −0.152 | −0.0480 | −0.104 |
| (6.17) | (−0.61) | (−0.99) | (−0.35) | (−0.63) |
TA | −0.0199*** | −0.0409 | 0.0132 | −0.0798* | −0.0493 |
| (−5.61) | (−0.96) | (0.27) | (−1.86) | (−0.95) |
DEV_CFO | 0.00527* | 0.0293 | −0.0108 | 0.0881** | 0.0470 |
| (1.73) | (0.78) | (−0.26) | (2.35) | (1.05) |
CONS | 1.229*** | −2.179 | −0.660 | −1.134** | −1.342* |
| (7.74) | (−0.16) | (−0.59) | (−2.27) | (−1.86) |
Industry dummy | YES | YES | YES | YES | YES |
Year dummy | YES | YES | YES | YES | YES |
N | 4177 | 6362 | 5052 | 7728 | 5152 |