(1)

(2)

(3)

(4)

VARIABLES

Financial inefficiency

p > |t|

Social inefficiency

p > |t|

size

15.35***

0.003

3.222*

0.062

(4.406)

(1.408)

size²

−0.436***

0.002

−0.0675**

0.044

(0.0985)

(0.0365)

car

−0.0953

0.907

0.0327

0.485

(0.406)

(0.0366)

risk

−0.295

0.218

−0.760**

0.038

(0.232)

(0.382)

liquidity

−0.000496

0.988

0.0279

0.422

(0.0285)

(0.0244)

facr

0.00334

0.788

−0.000618

0.987

(0.00623)

(0.009832)

efc

−0.0328*

0.098

0.0762***

0.009

(0.0234)

(0.0323)

sub

−0.210*

0.081

−0.201

0.434

(0.0743)

(0.338)

Constant

−321.6***

0.002

−22.55*

0.081

(541.50)

(13.05)

sigma

0.223***

0.372***

(0.0311)

(0.0400)

Observations

40

40