Calculation basis

On the corporate conditions

On the industry average

Dependent variable

SDC1

ECH1

FF1

SDC2

ECH2

FF2

Model

(1)

(2)

(3)

(4)

(5)

(6)

Log(n)

−0.012***

(−4.65)

−0.013*

(−4.57)

−0.025***

(−6.50)

−0.031***

(−10.92)

−0.019**

(−5.82)

−0.051***

(−10.73)

NTC

0.015***

(10.39)

0.022***

(14.73)

0.037***

(17.78)

0.015***

(9.59)

0.039***

(22.44)

0.054***

(21.44)

Cash flow

0.044***

(7.34)

0.026***

(4.13)

0.069***

(8.06)

0.067***

(10.47)

0.126***

(17.33)

0.194***

(18.44)

Capex

−0.052***

(−5.85)

−0.153***

(−16.75)

−0.204***

(−16.08)

−0.044***

(−4.61)

−0.283***

(−26.33)

−0.327***

(−21.09)

Size

−0.004***

(−4.08)

−0.003***

(−2.76)

−0.007***

(−4.81)

−0.026***

(−26.89)

0.002

(1.57)

−0.027***

(−15.40)

Tang

−0.011***

(−2.92)

−0.198***

(−49.73)

−0.210***

(−37.70)

−0.052***

(−12.49)

−0.271***

(−57.62)

−0.323***

(−47.63)

Tobin’s Q

−0.002***

(−5.43)

−0.002***

(−3.96)

−0.004***

(−6.61)

0.007***

(15.63)

0.004***

(8.15)

0.012***

(15.24)

IPO

0.015***

(7.74)

0.107***

(52.40)

0.122***

(42.96)

0.026***

(12.41)

0.126***

(52.71)

0.153***

(44.18)