| 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 |