VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

LTD

ACD

MKD

BVD

MKED

NDE

NDBV

NDMKE

GOVDUM_10

1.017***

0.029*

0.620***

0.123

0.078***

−0.023

−0.083

0.041**

(3.66)

(1.95)

(3.33)

(1.37)

(5.98)

(−0.14)

(−0.93)

(2.48)

SIZE

1.734***

0.035***

0.935***

0.181***

0.015*

−0.023

0.133**

−0.009

(9.52)

(4.06)

(6.19)

(3.86)

(1.82)

(−0.27)

(2.36)

(−1.14)

YIELD

−2.300*

−0.134

−5.394***

0.517

0.056

n/a

0.853

−0.240*

(−1.91)

(−0.98)

(−7.55)

(0.70)

(0.52)

n/a

(1.01)

(−1.95)

GROW

−0.312**

−0.117***

−0.381***

−0.344***

−0.179***

−1.506***

−0.468***

−0.195***

(−2.26)

(−7.02)

(−5.28)

(−4.64)

(−8.92)

(−9.19)

(−5.51)

(−8.94)

RISK

−1.286

−0.168

−23.526***

−0.668

−0.481***

−2.277*

1.180

−0.308**

(−0.97)

(−1.44)

(−2.84)

(−0.89)

(−4.01)

(−1.87)

(1.20)

(−2.33)

TANG

−0.569*

−0.067**

−1.546***

−0.107

−0.046*

0.268

−0.020

0.012

(−1.67)

(−2.42)

(−4.19)

(−0.80)

(−1.68)

(0.95)

(−0.14)

(0.41)

EFFECT

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

FIXED

VIF

1.24

1.24

1.24

1.22

1.19

1.04

1.24

1.21

OBSERVATIONS

803

794

544

731

736

591

653

736

R² ADJUSTED

0.2761

0.1313

0.1979

0.0477

0.2324

0.1803

0.0510

0.2770