Value

0.202***

0.206***

(5.61)

(5.70)

Fixasset

−0.070***

−0.065***

(−3.15)

(−2.90)

PB

−0.012**

−0.012**

(−2.49)

(−2.44)

Lev

0.007***

0.007***

(5.26)

(5.29)

Firm age

−0.015***

−0.014***

(−3.17)

(−3.04)

Growth

0.004***

0.003***

(5.96)

(5.78)

State

−0.690***

−0.656***

(−12.61)

(−11.74)

COCEN

−0.003*

−0.003*

(−1.92)

(−1.74)

Age

−0.047***

−0.022***

(−9.48)

(−3.48)

Tenure

0.019*

0.026*

(1.68)

(1.88)

cons

2.285***

−1.551***

−0.707

(8.73)

(−3.82)

(−1.48)

Industry/Annual Fixed Effect

Yes

Yes

Yes

N

9977

7962

7961

Adjust-R2

0.031

0.081

0.082