(1)

(2)

(3)

(4)

VARIABLES

Financial inefficiency

p > |t|

Social inefficiency

p > |t|

size

1.100

0.150

1.902

0.121

(0.750)

(1.200)

size²

−0.0281

0.132

−0.0460

0.121

(0.0180)

(0.0290)

car

−0.825

0.254

−0.480

0.564

(0.725)

(0.855)

risk

0.674

0.168

1.225

0.122

(0.546)

(0.821)

liquidity

−0.00768***

0.004

0.000382

0.948

(0.00277)

(0.00509)

facr

0.0583***

0.001

−0.0183

0.487

(0.0179)

(0.0276)

efc

0.0412*

0.070

−0.000698

0.979

(0.0181)

(0.0233)

sub

−0.149

0.108

−0.0891

0.498

(0.0899)

(0.129)

Constant

−11.69

0.185

−19.91

0.134

(8.529)

(13.35)

sigma

0.175***

0.275***

(0.0297)

(0.0462)

Observations

40

40