| VAR | (1) IIR | (2) IIR | (3) IIR |
| S | −0.086 | −0.029 | −2.779* |
|
| (−0.099) | (−0.032) | (−1.772) |
| ID |
| −0.005* | −0.007** |
|
|
| (−1.921) | (−2.192) |
| ID*S |
|
| 4.190** |
|
|
|
| (2.124) |
| CF | 0.016 | 0.010 | 0.008 |
|
| (0.858) | (0.528) | (0.453) |
| q | 0.007*** | 0.007*** | 0.007*** |
|
| (4.505) | (4.564) | (4.576) |
| TIR | 0.005** | 0.005** | 0.005** |
|
| (2.009) | (2.132) | (2.177) |
| SALE | −0.001 | −0.000 | −0.000 |
|
| (−0.924) | (−0.319) | (−0.355) |
| GRO | 0.016*** | 0.016*** | 0.015*** |
|
| (5.237) | (5.290) | (5.121) |
| MB | 0.000 | −0.000 | −0.000 |
|
| (0.091) | (−0.053) | (−0.250) |
| LEV | −0.011*** | −0.011*** | −0.011*** |
|
| (−2.839) | (−2.891) | (−2.901) |
| EFD | −0.000 | −0.000 | −0.000 |
|
| (−0.906) | (−1.012) | (−1.021) |
| Obs | 2330 | 2330 | 2330 |
| R-squared | 0.202 | 0.208 | 0.211 |