(1)

(2)

(3)

(4)

con

0.0044**

0.0047**

0.0111***

0.0107***

(2.10)

(2.20)

(3.87)

(3.83)

LN_a

−0.0041***

−0.0025**

0.0005

(−2.97)

(−2.02)

(0.27)

Lev

0.0008***

0.0008***

0.0008***

(5.47)

(5.72)

(5.55)

ReceiR

0.0204**

0.0170*

0.0153

(2.33)

(1.82)

(1.67)

Tq

0.0121***

0.0123***

0.0124***

(8.15)

(8.27)

(8.01)

Netprofit

−2.45e−13

−3.08e−13

−2.51e−13

(−1.36)

(−1.50)

(−0.88)

ROA

0.0004

0.0004

0.0004

(1.27)

(1.30)

(1.30)

Stateshr

0.0002

0.0002

0.0002

(1.26)

(1.13)

(1.32)

age

−0.0001

−0.0001

(−0.58)

(−0.44)

gender

−0.0087*

−0.0065

(−1.77)

(−1.36)

tenure

−0.0027***

−0.0026***

(−3.19)

(−2.96)

education

−0.0035***

−0.0034***

(−2.85)

(−3.00)

N_director

−0.0027***

(−2.81)

N_manager

−0.0026***

(−3.98)

N_supervisor

−0.0028

(−1.32)

meeting

0.0003

(0.58)

N

14297

14297

14297

14297

INDUSTRY

YES

YES

YES

YES

YEAR

YES

YES

YES

YES