Growth

0.001***

0.001

−0.001

(3.21)

(1.12)

(−0.88)

State

−0.279***

0.075

−1.365***

(−8.60)

(0.96)

(−7.36)

COCEN

0.001

−0.005***

−0.013***

(0.73)

(−3.28)

(−4.87)

Age

−0.014***

0.008

−0.011

(−3.58)

(1.22)

(−0.99)

Tenure

−0.001

0.025*

0.031

(−0.13)

(1.84)

(1.36)

EPS

−0.107***

-

-

(−3.01)

-

-

IMR

-

−4.390***

−5.095***

-

(−13.13)

(−7.93)

cons

2.036***

−1.503***

−6.088***

(6.79)

(−3.15)

(−6.95)

Industry/Annual Fixed Effect

Yes

Yes

Yes

N

11,910

7961

7940

Adjust-R2

-

0.102

-