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