Variable name

WD

Coef.

t-Stat

Short

−0.060***

−2.62

Roa

−3.841***

−8.46

Growth

0.007

0.96

IndΔRoa

2.213

1.51

IndGrowth

−0.065

−0.97

Mshare

0.053**

2.05

Lev

−0.056

−0.6

Size

0.044*

1.8

KS

0.290***

6.2

PH

0.121***

4.73

BG

0.047***

2.75

NK

−0.140***

−3.52

WL

−0.095***

−3.73

PG

−0.017

−0.98

Log (MV)

0.059***

3.32

Turnover

0.096

0.18

Volatility

−1.515

−0.96

Age

−0.367***

−10.56

Cons

−0.867

−1.56

Annual fixed effect

Yes

Company fixed effect

Yes

R²

0.12

Sample size

17,122