All Dlnfee

All Dlnfee

All Dlnfee

Dlnfee > 0

Dlnfee < 0

(1)

(2)

(3)

(4)

(5)

Dlnfee

0.0420**

(2.32)

0.0519***

(2.85)

0.0407**

(2.25)

0.0229**

(2.34)

0.1238**

(1.99)

Lev

0.2939***

(12.02)

0.3058***

(12.10)

0.3801***

(8.93)

0.4508***

(4.28)

Roa

0.1467***

(3.73)

0.1585***

(4.01)

0.2384***

(3.20)

0.3019*

(1.93)

Cashf

0.0662

(1.04)

0.0233

(0.36)

0.0266

(0.24)

0.2096

(0.75)

Big10

0.0264***

(2.81)

0.0210**

(2.26)

0.0262*

(1.75)

0.0246

(0.62)

Inv

−0.0262

(−0.73)

−0.1293***

(−3.47)

−0.1363**

(−2.14)

−0.2372

(−1.41)

Sqsub

0.0245***

(3.34)

0.0149**

(2.03)

0.0268**

(2.29)

0.0049

(0.16)

con

−0.0875***

(−3.31)

0.0279

(1.02)

−0.1145***

(−3.82)

−0.2245***

(−4.30)

−0.0923

(−0.72)

Ind

control

control

control

control

control

Year

control

control

control

control

control

f

39.26***

34.10***

36.34***

17.17***

5.45***

adj

0.1387

0.1223

0.1410

0.1347

0.1797

n

6889

6889

6889

3221

590