| Long | Long | Short | Short |
Model 1-7 | Model 1-8 | Model 2-7 | Model 2-8 | |
Dchange | −0.453* | −0.00403 | 0.0515* | 0.0933** |
(0.215) | (0.265) | (0.0311) | (0.0382) | |
Dr |
| −0.523** |
| 0.124*** |
| (0.239) |
| (0.0341) | |
Dchange × Dr |
| −1.150** |
| −0.161** |
|
| (0.461) |
| (0.0666) |
Age | −0.709 | −0.727 | −0.342*** | −0.339*** |
(0.946) | (0.945) | (0.0962) | (0.0961) | |
Size | −0.432* | −0.445* | 0.196*** | 0.199*** |
(0.230) | (0.230) | (0.0330) | (0.0330) | |
Slack | −1.293*** | −1.320*** | 0.0864* | 0.0873* |
(0.324) | (0.324) | (0.0464) | (0.0463) | |
Diage | 0.0917** | 0.0889** | −0.0148** | −0.0143** |
(0.0416) | (0.0416) | (0.00597) | (0.00597) | |
Boardscale | −0.00797* | −0.00846* | 0.000873 | 0.000943 |
(0.00439) | (0.00439) | (0.000633) | (0.000633) | |
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
Constant | 6.983** | 7.172** | −1.620*** | −1.674*** |
(3.345) | (3.342) | (0.427) | (0.427) | |
Observations | 6157 | 6157 | 6157 | 6157 |
R-squared | 0.015 | 0.017 | 0.043 | 0.046 |
Number of id | 1543 | 1543 | 1548 | 1548 |