| Independent Variables | (1) | (2) | (3) | (4) | (5) | |||||
| String firms | Non-string firms | String years of string firms | Non-string years of string firms | All firm years | ||||||
| Coef. (t-value) | Coef. (t-value) | Coef. (t-value) | Coef. (t-value) | Coef. (t-value) | ||||||
| Intercept | −0.007 | ** | 0.050 | *** | −0.013 | *** | −0.008 | * | 0.066 | *** |
| (−2.18) | (8.51) | (−5.11) | (−1.68) | (26.81) |
| |||||
| ∆lnS | 0.905 | *** | 0.594 | *** | 0.990 | *** | 0.867 | *** | 0.646 | *** |
| (126.59) | (89.67) | (193.64) | (87.59) | (109.99) |
| |||||
| Employee Intensity | 0.133 | *** | 0.467 | *** | 0.051 | * | 0.189 | *** |
|
|
| (3.70) |
| (3.78) |
| (1.93) |
| (2.83) |
|
|
| |
| Asset Intensity | 0.010 | *** | 0.006 | *** | 0.004 | ** | 0.011 | *** |
|
|
| (6.47) |
| (10.78) |
| (2.36) |
| (6.15) |
|
|
| |
| Successive Decrease | −0.018 | *** | −0.069 | *** | −0.001 |
| −0.021 | *** |
|
|
| (−10.49) |
| (−33.19) |
| (−0.44) |
| (−10.46) |
|
|
| |
| Stock Performance | −0.028 | *** | −0.015 | *** | −0.016 | *** | −0.035 | *** |
|
|
| (−18.30) |
| (−10.84) |
| (−16.70) |
| (−15.41) |
|
|
| |
| Industry Fixed Effects Included | Yes | Yes | Yes | Yes | Yes | |||||
| Adj-R2 | 0.75 | 0.42 | 0.92 | 0.66 | 0.46 | |||||
| N | 59,557 | 97,768 | 22,189 | 37,368 | 157,325 | |||||
| Number of firms | 2760 | 11,934 | 2760 | 2760 | 14,694 | |||||