| (1) In sample | (2) Incentive | (3) Incentive_dum |
OC |
| −0.185*** | −0.502*** |
|
| (−2.59) | (−3.91) |
Separation | 0.064** | 0.222*** | 0.058 |
| (2.14) | (4.76) | (0.80) |
Research | −0.489 | 0.020*** | 0.049*** |
| (−1.32) | (3.38) | (5.61) |
ROA | −0.010*** | 0.056*** | 0.100*** |
| (−3.23) | (10.93) | (10.69) |
Return | 0.037 | 0.143*** | −0.028 |
| (1.19) | (3.54) | (−0.40) |
Value | −0.049** | 0.338*** | 0.567*** |
| (−2.26) | (9.11) | (8.49) |
Fixasset | 0.022* | −0.123*** | −0.145*** |
| (1.72) | (−5.43) | (−3.58) |
PB | 0.001 | -0.015*** | -0.060*** |
| (1.22) | (−3.04) | (−4.61) |
LEV | 0.003*** | −0.001 | 0.004* |
| (3.40) | (−0.45) | (1.67) |
Firmage | −0.041*** | 0.076*** | 0.052*** |
| (−15.34) | (9.11) | (3.36) |