Independent variable

Predation risk

Similarities in operations

Dependent variable

SDC1

ECH1

FF1

SDC1

ECH1

FF1

Model

(1)

(2)

(3)

(4)

(5)

(6)

PMC

−0.002***

(−2.47)

−0.002*

(−1.89)

−0.004***

(−3.07)

0.001

(0.21)

0.008***

(2.66)

0.007**

(2.04)

NTC

0.016***

(11.31)

0.021***

(14.22)

0.037***

(18.04)

0.016***

(11.34)

0.021***

(14.33)

0.037***

(18.14)

Cash flow

0.053***

(8.69)

0.025***

(4.10)

0.078***

(9.01)

0.052***

(8.64)

0.025***

(4.02)

0.077***

(8.92)

Capex

−0.049***

(−5.49)

−0.131***

(−14.53)

−0.180***

(−14.18)

−0.049***

(−5.49)

−0.132***

(−14.57)

−0.181***

(−14.20)

Size

−0.006***

(−6.25)

−0.004***

(−3.53)

−0.010***

(−6.89)

−0.006***

(−6.26)

−0.004***

(−3.68)

−0.010***

(−7.00)

Tang

−0.010***

(−2.69)

−0.187***

(−47.32)

−0.197***

(−35.50)

−0.011***

(−2.72)

−0.188***

(−47.31)

−0.199***

(−35.51)

Tobin’s Q

−0.004***

(−8.10)

−0.002***

(−3.79)

−0.006***

(−8.38)

−0.004***

(−8.12)

−0.002***

(−3.81)

−0.006***

(−8.41)

IPO

0.017***

(8.01)

0.102***

(47.10)

0.119***

(39.09)

0.017***

(7.85)

0.102***

(47.08)

0.119***

(38.95)