Independent variable

Predation risk

Similarities in operations

Model

(1)

(2)

PMC

0.003***

(2.86)

−0.009***

(−2.68)

Tobin’s Q

0.008***

(8.32)

0.002***

(3.48)

Cashflow

0.029***

(3.92)

0.047***

(6.38)

Size

−0.010***

(−7.92)

−0.016***

(−12.37)

Tang

−0.080***

(−16.59)

−0.079***

(−15.83)

Cash holdings

0.041***

(6.60)

0.036***

(5.71)

Lev

−0.053***

(−10.25)

−0.044***

(−8.48)

Inst

0.028***

(7.54)

0.027***

(7.12)

State

0.010***

(2.89)

0.008***

(2.38)

Fixed Effect

Yes

Yes

Year Effect

Yes

Yes

N

18243

18201

R²

0.106

0.106