| Size | −0.062 | 0.090 |
| (0.125) | (0.097) | |
| Cir_ratio | 0.998* | 0.205 |
| (0.540) | (0.413) | |
| BM | −1.465* | 1.258 |
| (0.864) | (0.866) | |
| Tb_q | −0.113*** | 0.077* |
| (0.043) | (0.040) | |
| Ind_ratio | 3.878*** | −1.089 |
| (1.318) | (0.857) | |
| Constant | 3.216 | −1.202 |
| (3.157) | (2.370) | |
| Year, Industry | control | control |
| R-squared | 0.110 | 0.097 |