| variables | (1) Question | (2) Answer |
| inf_q | −0.062 |
|
| (−1.40) |
| |
| std_q | −0.013 |
|
| (−0.25) |
| |
| inf_a |
| −0.093** |
|
| (−2.20) | |
| std_a |
| −0.048 |
|
| (−1.01) | |
| size | 0.136*** | 0.132*** |
| (7.83) | (7.52) | |
| lev | −0.697*** | −0.694*** |
| (−6.93) | (−6.93) | |
| roa | −1.662*** | −1.644*** |
| (−4.48) | (−4.49) | |
| bm | 0.013 | 0.014 |
| (0.91) | (0.94) | |
| turnover | −0.408*** | −0.407*** |
| (−6.86) | (−6.90) | |
| age | −0.051** | −0.048* |
| (−1.98) | (−1.85) | |
| soe | 0.212*** | 0.213*** |
| (6.26) | (6.31) | |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| N | 3070 | 3070 |
| adj. R2 | 0.35 | 0.36 |