Dependent

CEC_PEG

CEC_GM

CEC_MPEG

Coeff.

t-value

Coeff.

t-value

Coeff.

t-value

β0

INTERCPT

0.4365

3.69

***

0.4461

3.57

***

0.4651

3.63

***

β1

VOLPOST

?0.0335

?3.19

***

?0.0357

?3.22

***

?0.0381

?3.35

***

β2

BETA

?0.0139

?1.06

?0.0190

?1.37

?0.0190

?1.33

β3

SIZE

?0.0122

?2.88

***

?0.0113

?2.52

**

?0.0123

?2.67

***

β4

MTB

?0.0085

?2.11

**

?0.0095

?2.23

**

?0.0116

?2.66

***

β5

RDEBT

0.2205

5.65

***

0.2132

5.16

***

0.2273

5.37

***

β6

ROA

0.0220

0.19

0.0025

0.02

0.0800

0.65

β7

PLIST

?0.0070

?1.05

?0.0088

?1.24

?0.0082

?1.14

β8

DIND

Included

Included

Included

F

11.89

***

11.22

***

11.61

***

Adj. R2

50%

49%

50%

N

152

152

152

Dependent

CEC_PEG

CEC_GM

CEC_MPEG

Coeff.

t-value

Coeff.

t-value

Coeff.

t-value

β0

INTERCPT

0.4426

3.62

***

0.4425

3.44

***

0.4649

3.53

***

β1

VOLPOST

?0.0264

?2.45

**

?0.0275

?2.43

**

?0.0294

?2.54

**

β2

HIGHSPREAD

0.0638

1.96

*

0.0827

2.42

**

0.0842

2.41

**

β3

VOLPOST *HIGHSPREAD

?0.0949

?2.56

**

?0.1145

?2.94

***

?0.1191

?2.98

***

β4

BETA

?0.0151

?1.15

?0.0199

?1.44

?0.0201

?1.43

β5

SIZE

?0.0125

?2.84

***

?0.0112

?2.43

**

?0.0123

?2.61

**

β6

MTB

?0.0093

?2.34

**

?0.0104

?2.50

**

?0.0126

?2.95

***

β7

RDEBT

0.2242

5.83

***

0.2171

5.38

***

0.2316

5.60

***

β8

ROA

0.0265

0.24

0.0081

0.07

0.0857

0.71

β9

PLIST

?0.0084

?1.26

?0.0108

?1.54

?0.0102

?1.42

β10

DIND

Included

Included

Included

F

11.16

***

10.83

***

11.23

***

Adj. R2

52%

51%

52%

N

152

152

152