VARIABLES

u_R

u_Q

Growth stage

Maturity stage

Recession stage

Growth stage

Maturity stage

Recession stage

rel200

−0.000

−0.000*

−0.000

−0.011***

−0.007***

−0.006**

(−0.54)

(−1.77)

(−1.50)

(−2.90)

(−2.92)

(−2.26)

lev

0.016

0.052***

0.046***

−0.961***

0.425*

1.054***

(1.45)

(8.00)

(9.58)

(−3.10)

(1.88)

(4.62)

lnboard

0.003

−0.007

0.006

0.001

−0.095

0.121

(0.61)

(−1.58)

(1.22)

(0.00)

(−0.78)

(0.90)

growth

−0.000

0.001

−0.000

0.099***

0.115***

−0.067**

(−0.31)

(0.62)

(−0.13)

(2.62)

(4.07)

(−2.03)

C_size

−0.007***

−0.011***

−0.012***

−0.081**

−0.373***

−0.547***

(−6.08)

(−12.38)

(−13.41)

(−2.18)

(−8.81)

(−11.87)

H10

0.029***

0.027***

0.028***

0.742***

0.902***

0.831***

(3.58)

(4.58)

(4.07)

(3.34)

(5.92)

(5.27)

seperation

−0.000

−0.000

−0.000

−0.003

−0.005*

−0.008***

(−0.62)

(−0.54)

(−1.25)

(−0.72)

(−1.93)

(−3.39)

age

0.001***

0.001**

0.001***

−0.010

0.011

0.018**

(2.76)

(2.48)

(3.01)

(−1.03)

(1.46)

(2.37)

Year(Ind)

Control

Control

Control

Control

Control

Control

_cons

0.154***

0.250***

0.236***

3.353***

8.781***

11.609***

(5.73)

(13.19)

(13.16)

(4.32)

(10.94)

(13.52)

N

2693

4975

4446

2640

4805

4254

adj. R-sq

0.068

0.162

0.212

0.110

0.158

0.269