| (1) Incentive_dum | (2) Incentive | (3) Incentive |
OC | −0.529*** | −0.234*** | −0.263*** |
| (−4.13) | (−3.47) | (−28.43) |
Separation | −0.081 | 0.107** | 0.111*** |
| (−1.16) | (2.16) | (20.36) |
Research | 0.059*** | 0.026*** | 0.025*** |
| (6.95) | (3.88) | (38.05) |
ROA | 0.060*** | 0.019*** | 0.019*** |
| (7.72) | (4.23) | (44.16) |
Return | 0.006 | 0.147*** | 0.070*** |
| (0.09) | (2.74) | (13.80) |
Value | 0.417*** | 0.206*** | 0.218*** |
| (6.65) | (5.64) | (58.95) |
Fixasset | −0.082** | −0.065*** | −0.067*** |
| (−2.16) | (−2.89) | (−31.15) |
PB | −0.065*** | −0.012*** | −0.012*** |
| (−4.99) | (−3.10) | (−30.79) |
Lev | 0.013*** | 0.007*** | 0.007*** |
| (5.55) | (5.52) | (52.23) |
Firm age | −0.045*** | −0.014*** | −0.014*** |
| (−5.38) | (−3.34) | (−30.44) |
Growth | 0.002*** | 0.003*** | 0.003*** |
| (2.63) | (4.61) | (40.14) |
State | −2.251*** | −0.656*** | −0.617*** |
| (−14.79) | (−14.50) | (−92.32) |
COCEN | −0.010*** | −0.003* | −0.003*** |
| (−3.66) | (−1.82) | (−20.76) |
Age | −0.044*** | −0.022*** | −0.026*** |
| (−4.23) | (−3.24) | (−33.54) |
Tenure | 0.030 | 0.026* | 0.016*** |
| (1.35) | (1.78) | (9.86) |
cons | −5.275*** | −0.707 | −0.747*** |
| (−6.13) | (−1.58) | (−11.29) |
Industry/Annual Fixed Effect | Yes | Yes | Yes |
N | 7940 | 7961 | 7961 |
R2 | 0.187 | - | - |
Count R2 | 83.12% | 0.082 | 0.979 |