| (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 |