| Variables | EO | ||
| (1) | (2) | (3) | |
| XXZSGX | 0.0002** |
|
|
|
| (0.0001) |
|
|
| Close |
| 0.0002** |
|
|
|
| (0.0001) |
|
| Unsullied |
|
| 0.0001 |
|
|
|
| (0.0002) |
| Equity | −0.0327*** | −0.0359*** | −0.0464*** |
|
| (0.0114) | (0.0096) | (0.0171) |
| XXZSGX*Equity | −0.0459** |
|
|
|
| (0.0183) |
|
|
| Close*Equity |
| −0.0234** |
|
|
|
| (0.0096) |
|
| Unsullied*Equity |
|
| −0.0189* |
|
|
|
| (0.0098) |
| Asset | 0.0079*** | 0.0079*** | 0.0078*** |
|
| (0.0022) | (0.0022) | (0.0022) |
| Lev | −0.2103*** | −0.2106*** | −0.2099*** |
|
| (0.0152) | (0.0153) | (0.0152) |
| Roa | −0.3430*** | −0.3430*** | −0.3420*** |
|
| (0.0395) | (0.0395) | (0.0395) |
| CF | 0.0297 | 0.0296 | 0.0276 |
|
| (0.0360) | (0.0360) | (0.0360) |
| Growth | 0.1386*** | 0.1386*** | 0.1389*** |
|
| (0.0109) | (0.0109) | (0.0109) |
| Dual | 0.0127** | 0.0127** | 0.0134*** |
|
| (0.0050) | (0.0050) | (0.0050) |
| First | −0.0003*** | −0.0004** | −0.0004** |
|
| (0.0001) | (0.0002) | (0.0002) |
| Indep | 0.0816** | 0.0817** | 0.0857** |
|
| (0.0379) | (0.0379) | (0.0379) |
| _cons | 0.0745 | 0.0778* | 0.0853* |
|
| (0.0476) | (0.0470) | (0.0495) |
| Year | Control | Control | Control |
| Ind | Control | Control | Control |
| N | 9397 | 9397 | 9397 |
| Log lik. | 1464.0654 | 1464.0794 | 1461.5083 |
| Prob > F | 0 | 0 | 0 |