Dependent Variable = RD

Suest test

(1)

(2)

(3)

OC

0.00195***

(2.84)

0.00104**

(1.00)

0.00307***

(4.07)

FC

−0.00128*

(−1.27)

−0.00204*

(−1.43)

−0.00031*

(−0.24)

OC*FC

0.00309***

(3.56)

0.00697***

(6.08)

0.00268***

(2.17)

0.0036

SIZE

0.00602***

(8.38)

0.00523***

(4.94)

0.00715***

(8.44)

LEV

−0.01513***

(−6.25)

−0.01375***

(−4.13)

−0.018799***

(−5.88)

ROA

−0.02182***

(−6.44)

−0.01772***

(−4.16)

−0.04001***

(−7.04)

TBQ

−0.00042***

(−2.39)

−0.00038*

(−1.66)

−0.00035*

(−1.39)

SHARE

−0.00897**

(−1.82)

−0.00628

(−0.82)

−0.00961*

(−1.82)

DAULITY

0.00041

(0.53)

0.00073*

(0.70)

−0.00033

(−0.35)

R²

0.0543

0.0318

0.1645

N

6615

4189

2426