Variable | (1) Dependent Variable: AQ | (2) Dependent Variable: DiscAQ | ||
Coefficient estimate | t-statistic | Coefficient estimate | t-statistic | |
PActiveIndep | 0.002* | 1.83 | 0.003** | 2.31 |
(0.001) |
| (0.001) |
| |
Size | 0.002*** | 7.10 | −0.001*** | −3.37 |
(0.000) |
| (0.000) |
| |
Lev | −0.008*** | −2.84 | −0.008*** | −3.22 |
(0.003) |
| (0.002) |
| |
MB | −0.001*** | −2.95 | −0.000** | −2.52 |
(0.000) |
| (0.000) |
| |
ROA | 0.030*** | 3.38 | 0.019*** | 2.74 |
(0.009) |
| (0.007) |
| |
Dloss | −0.003* | −1.81 | 0.002 | 1.01 |
(0.002) |
| (0.002) |
| |
Finance | −0.002*** | −2.87 | −0.002** | −2.46 |
(0.001) |
| (0.001) |
| |
MA | 0.001 | 0.89 | 0.001 | 0.95 |
(0.001) |
| (0.001) |
| |
Pindep | 0.003 | 0.99 | 0.004 | 1.57 |
(0.003) |
| (0.003) |
| |
Intercept | −0.046*** | −9.33 | 0.010** | 2.19 |
(0.005) |
| (0.005) |
| |
Year fixed effect | Yes |
| Yes |
|
Industry fixed effect | Yes |
| Yes |
|
N | 7739 |
| 7371 |
|
Adj. R-square | 0.066 |
| 0.017 |
|