| 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 |