Variables

IRAR

IRAL

(1)

(2)

(3)

(4)

(5)

(6)

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

0.030*

0.057*

0.188***

0.009***

0.010***

0.015***

(1.79)

(1.70)

(5.06)

(7.21)

(4.37)

(6.20)

$\text{D\_ret}\times {\text{LnEPU}}_{t-1}$

0.063***

0.067***

0.062***

0.004***

0.004***

0.004***

(3.88)

(4.11)

(3.80)

(4.78)

(5.02)

(4.36)

D_ret

−0.328***

−0.338***

−0.315***

−0.021***

−0.021***

−0.019***

(−3.81)

(−3.93)

(−3.66)

(−4.52)

(−4.61)

(−4.02)

LnTNA

−0.023**

−0.022**

−0.001**

−0.001*

(−2.30)

(−2.18)

(−2.16)

(−1.92)

LnAge

−0.046**

−0.051**

−0.002

−0.003*

(−2.01)

(−2.21)

(−1.53)

(−1.88)

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

5.884**

5.108**

0.569***

0.496***

(2.49)

(2.17)

(3.53)

(3.08)

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

−0.295***

−0.190*

−0.024***

−0.020***

(−4.79)

(−1.77)

(−6.17)

(−3.15)

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

0.073**

0.071**

0.006***

0.006***

(2.49)

(2.40)

(3.13)

(2.99)

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

0.013*

0.001***

(1.79)

(2.92)

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

−0.007

0.000

(−1.10)

(0.24)

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

−0.001

0.000

(−0.08)

(0.02)

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

−0.026***

−0.002***

(−3.69)

(−5.21)

Cons

0.690***

1.384***

0.715**

−0.062***

−0.011

−0.043**

(7.62)

(4.89)

(2.46)

(−8.31)

(−0.58)

(−2.18)

Time effect

Control

Control

Control

Control

Control

Control

Fixed effect

Control

Control

Control

Control

Control

Control

N

5560

5560

5560

5560

5560

5560

$R^2$

0.216

0.223

0.227

0.282

0.294

0.304