Variable

(1)

Absinv

(2)

Absinv

(3)

Absinv

(4)

Absinv

CenF

−0.003***

(−3.42)

−0.002**

(−2.56)

−0.003***

(−2.97)

−0.003***

(−2.74)

CenF2

0.001

(1.04)

−0.002

(−0.66)

CenP

−0.003

(−0.90)

−0.002

(−0.71)

−0.003

(−0.93)

−0.003

(−0.89)

CenP2

0.011**

(2.55)

0.008**

(1.98)

0.012***

(2.58)

0.010**

(2.07)

CenF*CenP

0.008

(1.01)

0.011

(1.20)

CenF*CenP2

−0.026*

(−1.93)

−0.031**

(−2.00)

Eu

0.010***

(4.50)

0.010***

(4.51)

0.009***

(3.90)

0.009***

(3.92)

Fcf

−0.000

(−0.91)

−0.000

(−0.95)

−0.000

(−0.62)

−0.000

(−0.67)

Adm

−0.034***

(−3.16)

−0.035***

(−3.26)

−0.030**

(−2.43)

−0.032***

(−2.60)

Otac

−0.025***

(−3.03)

−0.024***

(−2.94)

−0.024**

(−2.57)

−0.023**

(−2.43)

Top1

−0.000

(−0.79)

−0.000

(−0.72)

−0.000

(−1.18)

−0.000

(−1.11)

Sep

−0.000

(−0.41)

−0.000

(−0.42)

−0.000

(−0.82)

−0.000

(−0.86)

Ms

0.005***

(2.70)

0.005***

(2.61)

0.005**

(2.32)

0.005**

(2.18)

Comp

0.000

(0.87)

0.000

(0.80)

0.001

(1.22)

0.002*

(1.90)

Mino

−0.002

(−0.48)

−0.002

(−0.71)

−0.001*

(−1.68)

−0.003

(−1.55)

Bsize

−0.001

(−0.59)

−0.001

(−0.60)

−0.001

(−0.32)

−0.001

(−0.35)

Indep

0.000

(0.08)

0.000

(0.08)

−0.003

(−0.48)

−0.003

(−0.49)

Year & Industry

Control

Sample size

10,825

9084

AdjR2

0.085

0.086

0.088

0.089