Long

Short

Long

Short

Mode 1-1

Mode 1-2

Model 1-3

Mode1-4

Change

−0.421***

0.00866

(0.161)

(0.0153)

Force

−0.288*

0.0574***

(0.210)

(0.0219)

Age

6.768***

−0.114***

6.816***

−0.112***

(0.579)

(0.0278)

(0.598)

(0.0277)

Size

−1.630***

0.0186**

−1.641***

0.0176**

(0.113)

(0.00825)

(0.117)

(0.00834)

Slack

0.603***

0.0116*

0.602***

0.0119*

(0.172)

(0.00621)

(0.175)

(0.00634)

Diage

−0.00898

−0.00321***

−0.00860

−0.00317***

(0.00758)

(0.000939)

(0.00743)

(0.000957)

Boardscale

−0.00169

0.0254***

−0.00274

0.0257***

(0.0431)

(0.00240)

(0.0438)

(0.00251)

Industry

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

Constant

6.339**

12.72***

−1.416***

−1.786***

(2.979)

(2.888)

(0.422)

(0.409)

Observations

6081

6081

6081

6081

R-squared

0.286

0.022

0.286

0.022

Number of id

1519

1519

1519

1519