Variable

(1)

(2)

(3)

Variable

(4)

HS₁

0.2905***

(5.76)

0.0927*

(1.75)

0.2911**

(2.88)

RPS₁

−0.4122***

(−3.65)

Leverage

1.3201***

(12.11)

−1.6037***

(−10.93)

3.1206***

(17.72)

leverage

1.4485***

(12.31)

Size

−0.0002***

(−22.27)

−0.0002

(−0.65)

−0.0002***

(−15.28)

size

−0.0002***

(−21.06)

Growth

−0.0028

(−1.31)

−0.0079***

(−3.00)

0.0034

(1.03)

growth

−0.0025

(−1.12)

Equity

0.0022***

(3.41)

0.0105***

(10.79)

0.0021**

(2.12)

equity

0.0024***

(3.34)

Adjusted R²

0.5099

0.5996

0.4328

Adjusted R²

0.5065

Year FE

Y

Y

Y

Year FE

Y

Firm FE

Y

Y

Y

Firm FE

Y