Rat

0.00448

0.0870

0.0692***

(1.64)

(1.46)

(2.89)

Num

−0.0132

0.0163

−0.123

(−0.23)

(0.22)

(−1.15)

RET[−3, −1]

1.443**

0.512

5.427***

(2.58)

(0.72)

(5.51)

ABVOL[+1, +3]

0.000000566***

0.000000374***

0.00000145***

(9.92)

(5.54)

(8.89)

ROA

1.918***

−0.834

3.714***

(3.13)

(−0.86)

(4.05)

Grow

−0.0446**

−0.0396**

0.223

(−2.35)

(−2.00)

(1.59)

Lev

−0.141

−0.142

−0.703**

(−0.73)

(−0.52)

(−2.31)

Conc

0.000168

−0.000402

0.000509

(0.07)

(−0.11)

(0.15)

Board

−1.019**

−0.237

−1.332

(−2.09)

(−0.33)

(−1.79)

dum_nature

−0.00538

−0.153

0.0805

(−0.09)

(−1.76)

(0.82)

Exchange

−0.00973

−0.199

0.106

(−0.12)

(−1.67)

(0.91)

dum_ind(s)

Control

Control

Control

dum_year(s)

Control

Control

Control

_cons

0.746***

0.656

0.795*

(2.65)

(1.41)

(1.76)

N

1874

849

1025

R−squared

0.12

0.13

0.22