Model (1a)

Model (1b)

Model (2a)

Model (2b)

Ins

Ins

Ins

Ins

Liticount

0.0800***

0.0613**

(3.64)

(2.52)

Litiamount

0.0318**

0.0367***

(2.40)

(2.65)

Traindex

0.5231***

0.5455***

(3.60)

(3.75)

Liticount*Traindex

0.4478*

(1.88)

Litiamount*Traindex

0.2712**

(2.00)

Hhi

−6.4445***

−6.5326***

−6.4468***

−6.4839***

(−3.08)

(−3.13)

(−3.08)

(−3.10)

Age

0.2823***

0.2821***

0.2903***

0.2891***

(8.26)

(8.26)

(8.47)

(8.43)

Top10

0.1095

0.1136

0.0988

0.1047

(0.83)

(0.86)

(0.75)

(0.79)

So

0.0406

0.0396

0.0479

0.0465

(0.93)

(0.91)

(1.09)

(1.06)

Cfe

−0.1361

−0.1420

−0.1305

−0.1414

(−0.67)

(−0.70)

(−0.64)

(−0.70)

Size

0.1076***

0.1093***

0.1052***

0.1085***

(5.39)

(5.44)

(5.26)

(5.39)

Roe

−0.4145**

−0.4024**

−0.4209**

−0.4064**

(−2.18)

(−2.12)

(−2.21)

(−2.13)

Lev

−0.0203

−0.0114

0.0248

0.0271

(−0.18)

(−0.10)

(0.22)

(0.24)

Laz

0.0574***

0.0563***

0.0550***

0.0535***

(3.26)

(3.20)

(3.11)

(3.03)

Tbq

0.0474***

0.0457***

0.0488***

0.0472***

(3.22)

(3.10)

(3.31)

(3.19)

Loss

−0.1405

−0.1328

−0.1496

−0.1440

(−1.25)

(−1.18)

(−1.32)

(−1.27)

_Cons

−3.7549***

−3.7632***

−4.1029***

−4.1720***

(−7.01)

(−7.01)

(−7.50)

(−7.61)

Industry/Year

Yes

Yes

Yes

Yes

N

10,736

10,736

10,736

10,736

Pseudo-R2

0.0937

0.0925

0.0961

0.0953

LR-chi2

604.48

597.19

620.21

615.25