VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

LTD

ACD

MKD

BVD

MKED

NDE

NDBV

NDMKE

FORDUM_10

−0.043

0.000

0.061

−0.056

0.027**

0.194

0.000

0.033**

(−0.24)

(0.03)

(0.65)

(−0.78)

(2.24)

(1.37)

(0.01)

(2.53)

SIZE

1.828***

0.038***

0.907***

0.197***

0.026***

−0.031

0.121**

−0.004

(9.44)

(4.68)

(5.93)

(4.19)

(3.18)

(−0.37)

(2.22)

(−0.49)

YIELD

−2.695**

−0.147

−5.431***

0.453

0.008

n/a

0.896

−0.258**

(−2.19)

(−1.09)

(−7.51)

(0.60)

(0.08)

n/a

(1.06)

(−2.08)

GROW

−0.355**

−0.12***

−0.372***

−0.35***

−0.18***

−1.51***

−0.46***

−0.19***

(−2.49)

(−7.09)

(−5.06)

(−4.79)

(−8.76)

(−9.12)

(−5.52)

(−8.78)

RISK

−0.788

−0.133

−28.96***

−0.502

−0.35***

−2.077*

1.018

−0.212

(−0.59)

(−1.16)

(−3.51)

(−0.70)

(−2.72)

(−1.78)

(1.06)

(−1.61)

TANG

−0.688**

−0.069**

−1.268***

−0.139

−0.045

0.350

−0.017

0.022

(−2.02)

(−2.43)

(−3.48)

(−1.07)

(−1.56)

(1.24)

(−0.12)

(0.76)

EFFECT

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

VIF

1.24

1.24

1.24

1.24

1.21

1.04

1.21

1.20

OBSERVATIONS

803

794

544

731

736

591

653

736

R² ADJUSTED

0.2553

0.1274

0.1776

0.0458

0.2005

0.1831

0.0497

0.2762