Variable name

(1) WD

(2) CWD

(3) LWD

Coef.

t-Stat

Coef.

t-Stat

Coef.

t-Stat

S_Ratio

−1.523***

−3.60

−0.943***

−2.7

−0.247**

−2.18

Roa

−3.839***

−8.48

−2.603***

−6.85

−0.652***

−6.99

Growth

0.007

0.95

0.007

1.11

−0.001

−0.50

IndΔRoa

2.137

1.46

1.767

1.44

0.292

0.87

IndGrowth

−0.066

−0.97

−0.053

−0.87

−0.008

−0.63

Mshare

0.051**

1.96

0.045*

1.92

0.003

0.6

Lev

−0.062

−0.67

−0.073

−0.92

0.003

0.13

Size

0.045*

1.85

0.036*

1.65

0.009**

2.03

KS

0.291***

6.22

0.237***

5.89

0.033***

3.47

PH

0.120***

4.68

0.079***

3.48

0.024***

4.65

BG

0.045***

2.68

0.029**

1.98

0.011***

2.74

NK

−0.139***

−3.48

−0.123***

−3.46

−0.011

−1.44

WL

−0.095***

−3.73

−0.056**

−2.51

−0.018***

−3.4

PG

−0.017

−0.98

−0.020

−1.28

0.003

0.76

Log (MV)

0.055***

3.10

0.030*

1.94

0.009**

2.28

Turnover

0.093

0.17

0.068

0.14

−0.076

−0.69

Volatility

−1.525

−0.98

−1.476

−1.07

0.548

1.63

Age

−0.360***

−10.59

−0.334***

−10.64

−0.007

−1.10

Cons

−0.805

−1.46

−0.223

−0.46

−0.341***

−3.13

Annual fixed effect

Yes

Yes

Yes

Company fixed effect

Yes

Yes

Yes

R²

0.12

0.11

0.04

Sample size

17,122

17,122

17,122