| VAR | (1) IIR | (2) IIR | (3) IIR |
| S | −0.634 | −0.441 | −7.278*** |
|
| (−0.719) | (−0.493) | (−3.385) |
| ID |
| −0.005** | −0.006* |
|
|
| (−2.017) | (−1.795) |
| ID*S |
|
| 7.313*** |
|
|
|
| (2.743) |
| CF | 0.021 | 0.013 | 0.021 |
|
| (1.158) | (0.724) | (1.003) |
| q | 0.007*** | 0.007*** | 0.006** |
|
| (4.523) | (4.577) | (2.569) |
| TIR | 0.005** | 0.005** | 0.002 |
|
| (2.043) | (2.162) | (1.522) |
| SALE | 0.000 | 0.001 | −0.000 |
|
| (0.462) | (0.882) | (−0.003) |
| GRO | 0.016*** | 0.015*** | 0.011*** |
|
| (5.038) | (5.157) | (3.197) |
| MB | 0.000 | 0.000 | −0.000 |
|
| (0.514) | (0.287) | (−0.454) |
| LEV | −0.013*** | −0.012*** | −0.013*** |
|
| (−3.279) | (−3.261) | (−2.974) |
| EFD | −0.000 | −0.000 | −0.000*** |
|
| (−0.792) | (−0.940) | (−2.845) |
| Obs | 2330 | 2330 | 1520 |
| R-squared | 0.200 | 0.207 | 0.154 |