${\text{AG}}_{i,t}=a_{i,t}+{\text{MSCORE}}_{i,t}+{\text{SZ}}_{i,t}+{\text{BM}}_{i,t}+u_{i,t}$

All

D1

D5

MSCORE

0.40***

−0.06***

0.84***

(4.63)

(−5.15)

(8.20)

ln(SZ)

0.01***

−0.02***

0.06***

(4.39)

(−2.59)

(3.45)

ln(BM)

0.01

0.00

0.12**

(0.76)

(0.17)

(2.39)