LnPay

JR = 1

JR = 2

Short

0.0951**

0.0824***

(2.12)

(3.90)

CROA

2.252***

1.828***

(12.11)

(21.68)

Short × CROA

0.430

0.793***

(1.00)

(3.84)

Lev

0.0456***

0.00239

(6.77)

(0.63)

Growth

−0.0166***

−0.00350

(−2.97)

(−1.70)

Size

0.296***

0.233***

(23.57)

(40.89)

Soe

−0.133***

−0.0749***

(−4.11)

(−5.38)

Ratio

−0.192

−0.292*

(−0.94)

(−2.50)

MSHD

0.0353

0.0630***

(1.03)

(4.49)

Fsthd

−0.506***

−0.371***

(−5.77)

(−8.72)

_cons

7.529***

8.211***

(24.97)

(60.71)

YEAR

YES

YES

INDUSTRY

YES

YES

N

2437

10059

Adj_R^2

0.3687

0.3481