Size

0.036

1.63

0.009**

1.99

KS

0.326***

5.87

0.033***

3.45

PH

0.079***

3.51

0.024***

4.68

BG

0.030**

2.04

0.012***

2.79

NK

−0.124***

−3.49

−0.011

−1.46

WL

−0.056**

−2.51

−0.018***

−3.40

PG

−0.020

−1.29

0.003

0.75

Log (MV)

0.033**

2.12

0.009**

2.43

Turnover

0.084

0.17

−0.077

−0.70

Volatility

−1.517

−1.09

0.555

1.64

Age

−0.339***

−10.62

−0.008

−1.22

Cons

−0.274

−0.56

−0.350***

−3.19

Annual fixed effect

Yes

Yes

Company fixed effect

Yes

Yes

R²

0.11

0.04

Sample size

17,122

17,122