VARIABLES

u_R

u_Q

Growth

Maturity

Recession

Growth

Maturity

Recession

rel200

0.000

−0.000***

−0.000

−0.003

−0.011***

−0.005

(0.31)

(−2.94)

(−1.11)

(−1.35)

(−3.47)

(−1.44)

lev

0.013*

0.038***

0.059***

−0.211

0.625*

0.968***

(1.84)

(5.62)

(10.41)

(−0.89)

(1.93)

(4.20)

lnboard

−0.003

−0.004

0.010*

0.111

−0.141

0.189

(−0.86)

(−0.82)

(1.65)

(1.00)

(−0.89)

(1.07)

growth

0.004***

0.000

0.000

0.118***

0.083*

0.052

(7.05)

(0.10)

(0.09)

(3.59)

(1.68)

(1.57)

C_size

−0.004***

−0.008***

−0.015***

−0.232***

−0.284***

−0.640***

(−5.43)

(−8.88)

(−13.40)

(−6.46)

(−5.99)

(−12.63)

age

0.000

0.000

−0.000

−0.005

0.003

0.017**

(0.54)

(1.23)

(−0.10)

(−0.82)

(0.41)

(1.99)

H10

0.014**

0.025***

0.016**

0.780***

0.821***

0.710***

(2.35)

(3.82)

(1.99)

(4.92)

(4.53)

(3.62)

seperation

−0.000

−0.000

−0.000

−0.005**

−0.008**

−0.004

(−0.06)

(−0.78)

(−1.11)

(−2.07)

(−2.26)

(−1.17)

Year(Ind)

Control

Control

Control

Control

Control

Control

_cons

0.111***

0.205***

0.296***

5.815***

7.019***

12.911***

(7.16)

(9.66)

(12.10)

(8.49)

(7.75)

(13.03)

N

3689

4344

2878

3608

4211

2715

adj. R-sq

0.065

0.124

0.224

0.115

0.131

0.263