(1)

(2)

(3)

(4)

(5)

(6)

ID = 0

ID = 1

VARIABLES

IIR

INSTI

IIR

IIR

INSTI

IIR

S

−0.003*

−0.024***

−0.002

0.000

−0.035***

0.001

(−1.915)

(−3.471)

(−1.267)

(0.227)

(−5.758)

(0.536)

INSTI

0.047***

0.009

(3.002)

(1.072)

CF

0.021

0.381***

0.003

0.008

0.656***

0.002

(0.610)

(5.079)

(0.090)

(0.428)

(8.665)

(0.108)

q

0.009***

0.018***

0.008***

0.004**

0.023***

0.004**

(3.435)

(4.046)

(3.323)

(2.565)

(3.909)

(2.402)

TIR

0.009***

0.016***

0.008***

0.002

0.002

0.002

(5.160)

(3.665)

(4.716)

(1.510)

(0.207)

(1.546)

SALE

0.000

0.007

0.000

0.000

0.002

0.000

(0.201)

(1.200)

(0.071)

(0.211)

(0.582)

(0.186)

GRO

0.012**

0.035**

0.010**

0.018***

0.020

0.018***

(2.210)

(2.004)

(2.044)

(6.395)

(1.524)

(6.438)

MB

0.000

0.000***

−0.000

−0.000

0.000

−0.000

(0.235)

(3.325)

(−0.476)

(−0.657)

(1.356)

(−1.010)

LEV

−0.012*

−0.028

−0.011*

−0.014**

0.049*

−0.014***

(−1.903)

(−1.355)

(−1.816)

(−2.580)

(1.912)

(−2.635)

EFD

−0.000

0.001

−0.000*

−0.000

−0.000

−0.000

(−1.300)

(0.964)

(−1.687)

(−0.487)

(−1.599)

(−0.414)

Obs

822

822

822

1508

1508

1508

R-squared

0.226

0.298

0.251

0.159

0.250

0.161