Independent variable

Predation risk

Similarities in operations

Dependent variable

SDC2

ECH2

FF1

SDC2

ECH2

FF2

Model

(1)

(2)

(3)

(4)

(5)

(6)

PMC

−0.003***

(−3.76)

−0.004***

(−3.88)

−0.008***

(−4.99)

0.004

(1.42)

0.007**

(1.99)

0.011**

(2.25)

NTC

0.017***

(11.04)

0.038***

(22.47)

0.055***

(22.23)

0.017***

(11.00)

0.040***

(23.27)

0.057***

(22.85)

Cash flow

0.070***

(10.70)

0.126***

(17.44)

0.196***

(18.57)

0.067***

(10.32)

0.126***

(17.18)

0.192***

(18.22)

Capex

−0.043***

(−4.41)

−0.260***

(−24.36)

−0.302***

(−19.41)

−0.043***

(−4.46)

−0.283***

(−26.30)

−0.326***

(−20.93)

Size

−0.029***

(−26.64)

0.001

(0.61)

−0.029***

(−16.10)

−0.028***

(−26.52)

0.002

(1.59)

−0.027***

(−15.16)

Tang

−0.050***

(−11.96)

−0.259***

(−55.57)

−0.309***

(−45.45)

−0.052***

(−12.35)

−0.272***

(−57.26)

−0.324***

(−47.20)

Tobin’s Q

0.007***

(13.58)

0.004***

(7.90)

0.011***

(13.83)

0.007***

(15.51)

0.004***

(8.07)

0.012***

(15.10)

IPO

0.031***

(13.33)

0.120***

(47.00)

0.151***

(40.43)

0.028***

(13.06)

0.127***

(52.92)

0.155***

(44.63)

Inst

−0.005*

(−1.67)

0.002

(0.68)

−0.003

(−0.57)

−0.004

(−1.26)

0.003

(0.92)

−0.001

(−0.13)

State

0.015***

(4.88)

0.003

(0.80)

0.018***

(3.57)

0.016***

(5.00)

0.001

(0.18)

0.016***

(3.19)

Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Year Effect

Yes

Yes

Yes

Yes

Yes

Yes

N

18845

18845

18845

19132

19132

19132

R²

0.144

0.332

0.309

0.143

0.369

0.334