(1)

(2)

(3)

(4)

(5)

(6)

ID = 0

ID = 1

VARIABLES

IIR

INSTI-inde

IIR

IIR

INSTI-inde

IIR

S

−0.003*

−0.023***

−0.002

0.000

−0.032***

0.001

(−1.915)

(−3.494)

(−1.295)

(0.227)

(−5.562)

(0.569)

INSTI-inde

0.048***

0.011

(2.890)

(1.273)

CF

0.021

0.347***

0.004

0.008

0.618***

0.001

(0.610)

(4.709)

(0.122)

(0.428)

(8.677)

(0.065)

q

0.009***

0.019***

0.008***

0.004**

0.021***

0.004**

(3.435)

(4.452)

(3.328)

(2.565)

(3.747)

(2.392)

TIR

0.009***

0.016***

0.008***

0.002

−0.000

0.002

(5.160)

(3.954)

(4.717)

(1.510)

(−0.049)

(1.569)

SALE

0.000

0.007

0.000

0.000

0.002

0.000

(0.201)

(1.200)

(0.077)

(0.211)

(0.466)

(0.189)

GRO

0.012**

0.038**

0.010**

0.018***

0.018

0.018***

(2.210)

(2.206)

(2.021)

(6.395)

(1.538)

(6.432)

MB

0.000

0.000***

−0.000

−0.000

0.000

−0.000

(0.235)

(3.192)

(−0.478)

(−0.657)

(1.335)

(−1.095)

LEV

−0.012*

−0.026

−0.011*

−0.014**

0.050**

−0.014***

(−1.903)

(−1.380)

(−1.828)

(−2.580)

(2.092)

(−2.651)

EFD

−0.000

0.001

−0.000

−0.000

−0.000

−0.000

(−1.300)

(0.682)

(−1.632)

(−0.487)

(−1.648)

(−0.405)

Obs

822

822

822

1508

1508

1508

R-squared

0.226

0.307

0.250

0.159

0.248

0.162