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