the residual—the same industry in the same year

the residual—the same property right in the same industry in the same year

0.0002*** (3.20)

0.0002*** (3.31)

0.0090*** (6.85)

0.0091*** (6.90)

leverage

0.0519*** (3.37)

0.0525*** (3.41)

size

−0.3472*** (−37.17)

−0.3476*** (−37.20)

pbr

−0.0012 (−0.39)

−0.0012 (−0.39)

beta

−0.0304* (−1.74)

−0.0307* (−1.76)

growth

0.0001 (0.52)

0.0001 (0.53)

Firm fixed

Y

Y

Year fixed

Y

Y

Adj_R²

0.4386

0.4387