(1) Incentive

(2) Incentive

(3) Incentive

OC

−0.151**

−0.225***

−0.234***

(−2.46)

(−3.13)

(−3.26)

Separation

0.107**

0.107**

(2.32)

(2.31)

Research

0.028***

0.028***

(4.83)

(4.70)

ROA

0.019***

0.019***

(4.46)

(4.37)

Return

0.148***

0.147***

(3.61)

(3.58)