| Long | Long | Long | Long | Short | Short | Short | Short |
Model 1-1 | Model 1-2 | Model 1-3 | Model 1-4 | Model 2-1 | Model 2-2 | Model 2-3 | Model 2-4 | |
Dchange | −0.254* | −0.0214 | −0.289* | −0.0230 | −0.0152 | 0.0069 | 0.0515* | 0.094** |
(0.136) | (0.159) | (0.15) | (0.18) | (0.02) | (0.02) | (0.03) | (0.038) | |
Dr |
| −0.410 |
| −0.42** |
| 0.16*** |
| 0.13*** |
| (0.254) |
| (0.17) |
| (0.037) |
| (0.034) | |
Dchange × Dr |
| −0.701** |
| −0.652** |
| −0.13*** |
| −0.165** |
|
| (0.319) |
| (0.33) |
| (0.045) |
| (0.067) |
Age | −0.699 | −0.706 | −0.623 | −0.638 | −0.047 | −0.042 | −0.35*** | −0.34*** |
(0.944) | (0.943) | (0.67) | (0.67) | (0.14) | (0.135) | (0.09) | (0.096) | |
Size | −0.461** | −0.461** | −0.35** | −0.37** | 0.16** | 0.169*** | 0.178*** | 0.182*** |
(0.231) | (0.231) | (0.16) | (0.16) | (0.03) | (0.033) | (0.03) | (0.03) | |
Slack | 0.253*** | 0.263*** | 0.254*** | 0.265*** | −0.01 | −0.012 | −0.01 | −0.011 |
(0.05) | (0.05) | (0.05) | (0.05) | (0.01) | (0.007) | (0.007) | (0.007) | |
Diage | −0.006 | −0.0067 | −0.005* | −0.005* | 0.0006 | 0.0007 | 0.0008 | 0.0009 |
(0.004) | (0.004) | (0.003) | (0.003) | (0.001) | (0.001) | (0.001) | (0.0006) | |
Boardscale | 0.11*** | 0.11*** | 0.11*** | 0.11*** | −0.013** | −0.013** | −0.015** | −0.015** |
(0.042) | (0.042) | (0.029) | (0.029) | (0.0059) | (0.0059) | (0.0059) | (0.0059) | |
Industry | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Constant | 7.285** | 7.093** | 5.49** | 5.67** | −2.37*** | −2.47*** | −1.44*** | −1.5*** |
(3.355) | (3.35) | (2.37) | (2.37) | (0.48) | (0.48) | (0.43) | (0.425) | |
Observations | 6081 | 6081 | 6081 | 6081 | 6081 | 6081 | 6081 | 6081 |
R-squared | 0.016 | 0.019 | 0.017 | 0.020 | 0.041 | 0.045 | 0.042 | 0.045 |
Number of id | 1519 | 1519 | 1519 | 1519 | 1519 | 1519 | 1519 | 1519 |