Variables

IRAR

IRAL

(1)

(2)

(3)

(4)

(5)

(6)

${\text{LnEPU}}_{t-1}$

0.061***

0.093***

0.222***

0.011***

0.012***

0.017***

(4.47)

(2.86)

(6.17)

(9.59)

(5.69)

(7.35)

LnTNA

−0.020**

−0.019**

−0.001*

−0.001*

(−2.06)

(−1.97)

(−1.91)

(−1.70)

LnAge

−0.045**

−0.050**

−0.002

−0.003*

(−2.00)

(−2.18)

(−1.57)

(−1.89)

${\text{Expense}}_{t-1}$

5.153**

4.664**

0.482***

0.438***

(2.33)

(2.10)

(3.15)

(2.83)

${\text{Holding}}_{t-1}$

−0.296***

−0.202*

−0.024***

−0.021***

(−4.80)

(−1.89)

(−6.20)

(−3.28)

${\text{Insholder}}_{t-1}$

0.075**

0.073**

0.007***

0.006***

(2.56)

(2.45)

(3.23)

(3.06)

${\text{Stgy\_size}}_{t-1}$

0.015**

0.002***

(1.99)

(3.06)

${\text{Stgy\_bm}}_{t-1}$

−0.007

0.000

(−1.11)

(0.21)

${\text{Stgy\_mom}}_{t-1}$

0.001

0.000

(0.18)

(0.54)

${\text{Stgy\_vol}}_{t-1}$

−0.028***

−0.002***

(−4.01)

(−5.62)

Cons

0.528***

1.151***

0.491*

−0.073***

−0.027

−0.057***

(6.90)

(4.22)

(1.75)

(−10.36)

(−1.42)

(−2.99)

Time effect

Control

Control

Control

Control

Control

Control

Fixed effect

Control

Control

Control

Control

Control

Control

N

5560

5560

5560

5560

5560

5560

$R^2$

0.213

0.220

0.225

0.279

0.290

0.301