| VARIABLES | (1) | (2) |
| model1 | model2 | |
| Rai | lnDivv | |
| Rai |
| −0.974** |
|
|
| (−2.182) |
| Female_rate | 0.0475** | 0.456 |
|
| (1.962) | (0.517) |
| Cash_Ratio | 9.72e−05 | −0.0320*** |
|
| (0.294) | (−2.654) |
| Tagr | −0.000197 | −0.00632 |
|
| (−1.330) | (−1.173) |
| Lev | −0.000263 | 0.0348 |
|
| (−0.279) | (1.014) |
| Industry | control | control |
| Year | control | control |
| Constant | −0.145 | −649.1*** |
|
| (−0.0944) | (−11.64) |
| N | 607 | 607 |
| R-squared | 0.001 | 0.022 |