Model 1

Model 2

Model 3

Model 4

Model 5

Control variables

Size

−0.0208**

−0.0190**

−0.0184*

−0.0165

−0.0176*

(−2.30)

(−2.04)

(−1.92)

(−1.64)

(−1.81)

Age

0.0084***

0.0090***

0.0089***

0.0117***

0.0101***

(3.82)

(3.75)

(3.84)

(4.00)

(6.42)

Growth

−0.0065

−0.0052

−0.0046

−0.0045

−0.0051

(−1.11)

(−0.83)

(−0.69)

(−0.70)

(−0.85)

ROA−IPO

0.0014**

0.0013*

0.0013

0.0012

0.0012*

(2.03)

(1.77)

(1.55)

(1.46)

(1.92)

TLU

−0.0122

−0.0115

−0.0111

−0.0106

−0.0105

(−1.52)

(−1.33)

(−1.23)

(−1.11)

(−1.31)

CPA

−0.0139**

−0.0140**

−0.0137**

−0.0137**

−0.0130**

Main effects

CAR

(−2.31)

(−2.12)

(−2.02)

(−2.04)

(−2.02)

0.0400**

0.0399**

0.0366**

0.0436***

Interaction effects

CAR × VC

0.0237**

(2.03)

CAR × VC-bg

−0.0637***

(−2.85)

CAR × VC-rp

−0.1814***

(3.29)

cons

0.1411**

0.1278*

0.1269*

0.1125

0.1177

(2.06)

(1.79)

(1.73)

(1.48)

(1.63)

R²

0.1495

0.1575

0.1604

0.1674

0.1630

F-statistic

64.6449

22.0443

51.9412

65.0579

22.1929