Issue

Variable

(1)

(2)

(3)

Inf

0.115

−0.156

−1.379*

(0.17)

(−0.21)

(−1.87)

Size

−0.416***

−0.292***

(−14.25)

(−13.42)

Age

−0.691***

−0.573***

(−17.16)

(−18.57)

Lev

0.288**

0.018

(2.21)

(0.18)

Roa

−10.679***

−10.178***

(−19.73)

(−22.60)

Loss

0.043

0.053**

(1.48)

(2.02)

BTM

0.161***

0.140***

(4.96)

(5.78)

Offer

0.286***

0.069

(6.35)

(1.38)

Soe

−0.501***

−0.360***

(−9.12)

(−8.91)

Her5

0.242

0.157

(1.48)

(1.29)

Inst

−0.899**

−0.724**

(−2.29)

(−2.25)