(1)

(2)

Z

Z

Sticky

0.173**

0.792***

(2.16)

(−2.75)

CR5

1.328***

(7.55)

CR5 * Sticky

0.021***

(3.56)

Size

−0.187

0.179

(−7.20)

(−6.81)

Lev

7.024***

6.624***

(57.10)

(55.12)

Profit

1.240***

0.897***

(5.88)

(4.30)

Intensity

−0.195**

−0.114***

(−7.23)

(−5.54)

_cons

9.891***

9.117***

(17.26)

(16.21)

N

9864

9864

Adj. R²

0.204

0.213