Number of observations = 22,996

Time period: 2009

Variables

Standardized coeff. (2)

Standardized coeff. (3)

Standardized coeff. (4)

Equity Asset

0.102*** (7.06)

0.102*** (7.05)

0.099*** (6.860)

Marketsize_small

−0.068*** (−5.87)

−0.066*** (−5.67)

−0.074*** (−6.28)

Marketsize_intermediate

−0.05*** (−4.24)

−0.050*** (−4.23)

−0.049*** (−4.14)

Marketsize_large

0.062*** (5.10)

0.062*** (5.08)

0.057*** (4.67)

Strategic Investors_strong

0.025*** (2.08)

0.029*** (3.21)

0.028*** (3.09)

Strategic Investors_few

0.004 (0.36)

0.004 (0.35)

0.002 (0.20)

Shareholder protection

-

−0.031*** (−3.67)

−0.038*** (−4.35)

Institutional distance

-

-

0.031*** (3.64)

Statistics

Pseudo R² = 0.052

LR c² = 154.36***

Log Lik. Funct −14805.633

Pseudo R² = 0.056

LR c² = 167.85

Log Lik funct −14798.838

Pseudo R² = 0.057

LR c² = 186.95

Log Lik. funct −14789.342