| VAR | (1) IIR | (2) IIR | (3) IIR |
| S | −0.002 | −0.002 | 0.001* |
|
| (−1.589) | (−1.380) | (1.816) |
| ID |
| −0.005** | −0.005** |
|
|
| (−2.006) | (−2.054) |
| ID*S |
|
| −0.004* |
|
|
|
| (−1.733) |
| CF | 0.020 | 0.013 | 0.013 |
|
| (1.127) | (0.702) | (0.709) |
| q | 0.007*** | 0.007*** | 0.007*** |
|
| (4.527) | (4.582) | (4.582) |
| TIR | 0.005** | 0.005** | 0.005** |
|
| (2.062) | (2.175) | (2.193) |
| SALE | 0.000 | 0.001 | 0.001 |
|
| (0.661) | (1.022) | (1.020) |
| GRO | 0.016*** | 0.015*** | 0.015*** |
|
| (5.097) | (5.210) | (5.197) |
| MB | 0.000 | 0.000 | 0.000 |
|
| (0.555) | (0.320) | (0.260) |
| LEV | −0.013*** | −0.013*** | −0.013*** |
|
| (−3.379) | (−3.349) | (−3.378) |
| EFD | −0.000 | −0.000 | −0.000 |
|
| (−0.828) | (−0.969) | (−0.975) |
| Obs | 2330 | 2330 | 2330 |
| R-squared | 0.200 | 0.207 | 0.208 |