(1)

(2)

(3)

(4)

(5)

(6)

ID = 0

ID = 1

VARIABLES

IIR

INSTI-de

IIR

IIR

INSTI-de

IIR

S

−0.003*

−0.002

−0.003*

0.000

−0.003***

0.000

(−1.915)

(−1.091)

(−1.836)

(0.227)

(−4.721)

(0.154)

INSTI-de

0.088

−0.022

(1.294)

(−0.588)

CF

0.021

0.034**

0.018

0.008

0.039***

0.009

(0.610)

(2.211)

(0.532)

(0.428)

(3.047)

(0.472)

q

0.009***

−0.001

0.009***

0.004**

0.002*

0.004***

(3.435)

(−1.586)

(3.486)

(2.565)

(1.726)

(2.651)

TIR

0.009***

−0.000

0.009***

0.002

0.002

0.002

(5.160)

(−0.597)

(5.148)

(1.510)

(1.077)

(1.554)

SALE

0.000

0.001

0.000

0.000

0.001

0.000

(0.201)

(0.631)

(0.185)

(0.211)

(0.959)

(0.229)

GRO

0.012**

−0.003

0.012**

0.018***

0.002

0.018***

(2.210)

(−1.312)

(2.270)

(6.395)

(0.661)

(6.417)

MB

0.000

0.000

0.000

−0.000

−0.000

−0.000

(0.235)

(0.858)

(0.202)

(−0.657)

(−0.121)

(−0.663)

LEV

−0.012*

−0.002

−0.012*

−0.014**

−0.001

−0.014**

(−1.903)

(−0.493)

(−1.880)

(−2.580)

(−0.378)

(−2.580)

EFD

−0.000

0.000

−0.000

−0.000

−0.000

−0.000

(−1.300)

(1.119)

(−1.397)

(−0.487)

(−0.737)

(−0.502)

Obs

822

822

822

1508

1508

1508

R-squared

0.226

0.041

0.229

0.159

0.062

0.160