Model (1)

Model (2)

LnPay

LnPay

Short

0.206***

0.0811***

(11.08)

(4.23)

CROA

1.672***

1.863***

(21.25)

(24.50)

Short × CROA

0.849***

0.774***

(4.36)

(4.15)

Lev

0.00908***

0.0131***

(2.68)

(4.04)

Growth

−0.00541***

−0.00521***

(−2.65)

(−2.68)

Size

0.257***

0.241***

(49.42)

(46.78)

Soe

−0.170***

−0.0999***

(−13.32)

(−7.93)

Ratio

−0.0815

−0.224**

(−0.77)

(−2.21)

MSHD

0.0881***

0.0659***

(6.52)

(5.07)

Fsthd

−0.450***

−0.385***

(−11.39)

(−10.11)

_cons

8.521***

8.167***

(74.12)

(66.40)

YEAR

NO

YES

INDUSTRY

NO

YSE

N

12496

12496

Adj_R^2

0.2797

0.3461