VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

LTD

ACD

MKD

BVD

MKED

NDE

NDBV

NDMKE

FAMDUM_10

−0.284

−0.008

−0.036

−0.184*

−0.016

−0.259*

−0.197**

−0.020

(−1.43)

(−0.56)

(−0.14)

(−1.91)

(−1.31)

(−1.68)

(−1.99)

(−1.35)

SIZE

1.822***

0.038***

0.908***

0.179***

0.026***

−0.037

0.108**

−0.004

(9.45)

(4.52)

(5.91)

(3.85)

(3.16)

(−0.44)

(2.00)

(−0.47)

YIELD

−2.766**

−0.147

−5.417***

0.427

−0.008

n/a

0.877

−0.270**

(−2.27)

(−1.09)

(−7.49)

(0.57)

(−0.08)

n/a

(1.03)

(−2.21)

GROW

−0.342**

−0.118***

−0.376***

−0.338***

−0.18***

−1.490***

−0.446***

−0.195***

(−2.39)

(−7.06)

(−5.14)

(−4.49)

(−8.79)

(−9.08)

(−5.21)

(−8.85)

RISK

−0.894

−0.144

−28.691***

−0.753

−0.41***

−2.750**

0.677

−0.284**

(−0.67)

(−1.23)

(−3.48)

(−0.99)

(−3.24)

(−2.35)

(0.65)

(−2.15)

TANG

−0.636*

−0.068**

−1.269***

−0.093

−0.053*

0.304

0.009

0.012

(−1.92)

(−2.47)

(−3.48)

(−0.70)

(−1.91)

(1.10)

(0.06)

(0.42)

EFFECT

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

VIF

1.24

1.24

1.24

1.24

1.21

1.03

1.21

1.19

OBSERVATIONS

803

794

544

731

736

591

653

736

R² ADJUSTED

0.2570

0.1278

0.1768

0.0514

0.1965

0.1844

0.0579

0.2718