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