Variable | Model (2) | Model (3) |
RD | RD | |
OCF_sd | −0.0071*** | −0.0049* |
(−2.84) | (−1.93) | |
GS | 0.0032*** |
|
(2.97) |
| |
GS_x_OCF_sd | 0.5901** |
|
| (2.50) |
|
ES |
| 0.0035** |
|
| (2.48) |
ES_x_OCF_sd |
| 0.0201** |
|
| (2.31) |
The SIZE | 0.0008** | 0.0009** |
(2.18) | (2.33) | |
LEV | −0.0093*** | −0.0093*** |
(−4.56) | (−4.29) | |
ROA | 0.0054 | 0.0056 |
(0.82) | (0.81) | |
TURN | 0.0053*** | 0.0055*** |
(8.66) | (8.52) | |
TBQ | 0.0018*** | 0.0019*** |
(7.58) | (7.57) | |
CI | 0.0000 | −0.0005 |
(0.01) | (−0.20) | |
AF | 0.0017*** | 0.0016*** |
(5.25) | (4.71) | |
Constant | −1.2581*** | −0.8315* |
(−3.10) | (−1.79) | |
Industry | Control | Control |
The annual | Control | Control |
Adj R-squared | 0.2592 | 0.257 |
N | 6037 | 6037 |