| (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 |