|
| (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 | |