u_R

u_Q

rel100

−0.0003**

−0.0086**

(−2.52)

(−2.13)

rel200

−0.0002***

−0.0076***

(−2.79)

(−3.90)

rel300

−0.0001***

−0.0036***

(−2.58)

(−3.03)

lev

0.0276***

0.0278***

0.0278***

0.3653*

0.3652**

0.3661**

(6.29)

(6.34)

(6.33)

(1.95)

(1.98)

(1.98)

lnboard

−0.0001

−0.0001

−0.0000

0.0666

0.0630

0.0676

(−0.04)

(−0.04)

(−0.01)

(0.68)

(0.64)

(0.69)

growth

0.0009*

0.0009*

0.0009*

0.0673***

0.0669***

0.0673***

(1.72)

(1.72)

(1.73)

(3.58)

(3.58)

(3.59)

age

0.0003**

0.0003**

0.0003**

0.0084*

0.0080

0.0075

(2.28)

(2.19)

(2.09)

(1.72)

(1.64)

(1.53)

C_size

−0.0089***

−0.0090***

−0.0090***

−0.3638***

−0.3645***

−0.3638***

(−13.37)

(−13.45)

(−13.40)

(−10.85)

(−10.93)

(−10.90)

seperation

−0.0001

−0.0001

−0.0001

−0.0068***

−0.0066***

−0.0067***

(−1.35)

(−1.28)

(−1.33)

(−3.02)

(−2.95)

(−3.01)

H10

0.0237***

0.0233***

0.0233***

0.7827***

0.7704***

0.7716***

(5.55)

(5.44)

(5.46)

(6.76)

(6.66)

(6.67)

Year(Ind)

Control

Control

Control

Control

Control

Control

_cons

0.2039***

0.2051***

0.2047***

8.2002***

8.2627***

8.2363***

(15.04)

(15.19)

(15.15)

(13.17)

(13.28)

(13.22)

N

12170

12170

12170

12170

12170

12170

adj. R-sq

0.111

0.111

0.111

0.142

0.143

0.142