VAR

(1)

IIR

(2)

IIR

(3)

IIR

S

−1.594

−5.094**

(−1.163)

(−2.229)

ID

−0.006**

−0.008**

(−2.010)

(−2.371)

ID*S

5.727**

(2.142)

CF

0.019

0.010

0.010

(0.938)

(0.478)

(0.464)

q

0.008***

0.008***

0.007***

(4.621)

(4.688)

(4.675)

TIR

0.005**

0.005**

0.005**

(2.131)

(2.295)

(2.327)

SALE

0.000

0.001

0.001

(0.492)

(1.150)

(0.936)

GRO

0.018***

0.018***

0.017***

(4.941)

(5.118)

(4.889)

MB

−0.000

−0.000

−0.000

(−1.167)

(−1.175)

(−1.402)

LEV

−0.020***

−0.020***

−0.019***

(−3.246)

(−3.287)

(−3.210)

EFD

−0.000

−0.000

−0.000

(−0.686)

(−0.869)

(−0.807)

Pseudo R2

−0.0810

−0.0835

−0.0849

Obs

2330

2330

2330