Variables

Coefficient

Standard Deviation

t-Value

HOLDS

0.9552***

0.0182

52.48

HOLDL

−0.8579***

0.0319

−26.86

TURNO

−0.0717***

0.0083

−8.62

TA

−0.1240***

0.0120

−10.30

ROE

−0.0838

0.2939

−0.29

LEV

−0.2356***

0.0483

−4.88

BM

−3.6434***

0.3742

−9.74

AGE

0.0428

0.0385

1.11

TOP1

−0.4173***

0.0553

−7.55

Constant

2.6235***

0.2834

9.26

Observations: 6642

Number of season: 18

R-squared: 0.875