(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)