| 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) | ||