LnPay

Sup = 1

Sup = 0

Short

0.0981***

0.0781***

(3.79)

(2.75)

CROA

2.020***

1.486***

(15.28)

(15.19)

Short × CROA

0.318

1.028***

(1.28)

(3.54)

Lev

−0.244***

0.0136***

(−4.89)

(4.06)

Growth

−0.00323

−0.0129***

(−1.51)

(−2.92)

Size

0.230***

0.273***

(30.41)

(31.20)

Soe

−0.130***

−0.0762***

(−7.34)

(−4.07)

Ratio

−0.407***

−0.0917

(−3.26)

(−0.52)

MSHD

0.0677***

0.0671***

(4.08)

(3.23)

Fsthd

−0.410***

−0.465***

(−7.93)

(−7.65)

_cons

8.542***

7.538***

(49.89)

(35.39)

YEAR

YES

YES

INDUSTRY

YES

YES

N

6715

5781

Adj_R^2

0.3225

0.3591