(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