| Long | Long | Short | Short |
Model 1-5 | Model 1-6 | Model 2-5 | Model 2-6 | |
Dchange | −0.256* | −0.022 | −0.014 | 0.0128 |
(0.135) | (0.159) | (0.0195) | (0.0229) | |
Dr |
| −0.421* |
| 0.153*** |
| (0.253) |
| (0.0361) | |
Dchange × Dr |
| −0.699** |
| −0.105** |
|
| (0.318) |
| (0.0447) |
Age | −0.729 | −0.739 | −0.347*** | −0.343*** |
(0.945) | (0.944) | (0.0963) | (0.0961) | |
Size | −0.485** | −0.490** | 0.180*** | 0.185*** |
(0.228) | (0.228) | (0.0329) | (0.0328) | |
Slack | −1.294*** | −1.309*** | 0.0789* | 0.0838* |
(0.322) | (0.322) | (0.0461) | (0.0460) | |
Diage | 0.0954** | 0.0924** | −0.0154*** | −0.0148** |
(0.0413) | (0.0413) | (0.00595) | (0.00594) | |
Boardscale | −0.00805* | −0.00834* | 0.000816 | 0.000894 |
(0.00439) | (0.00438) | (0.000634) | (0.000633) | |
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Constant | 7.531** | 7.619*** | −1.459*** | −2.635*** |
(2.950) | (2.950) | (0.426) | (0.483) | |
Observations | 6184 | 6184 | 6184 | 6184 |
R-squared | 0.015 | 0.017 | 0.041 | 0.045 |
Number of id | 1549 | 1549 | 1554 | 1554 |