variable

Model 1

Dx/dy

Model 2

Dx/dy

Pledge1

pledgeP

sell

Dr

lnAsset

lnShare

Roe

Price

Gem

Grow

Institution

Top

Lev

DSholder

lnErnspls

Capersv

Age

_cons

Year

Ind

0.6306***

(4.29)

1.0942***

(6.68)

0.5697***

(3.86)

−1.3715***

(−5.33)

0.0406

(0.22)

−0.0962***

(−6.64)

0.0396***

(7.53)

0.0230**

(2.13)

0.0039***

(3.13)

−0.0033

(−0.94)

0.0005

(0.08)

0.0264***

(4.72)

0.0047

(0.63)

1.3791***

(7.10)

0.2868***

(6.59)

0.00022

(1.12)

−2.5919

(−0.93)

Yes

Yes

0.0489***

(4.28)

0.0848***

(6.83)

0.0442***

(3.89)

−0.1063***

(−5.39)

0.0032

(0.22)

−0.0075***

(−6.78)

0.0031***

(7.86)

0.0018**

(2.14)

0.0003***

(3.13)

−0.0003

(−0.94)

0.0000

(0.08)

0.0020***

(4.70)

0.0004

(0.63)

0.1069***

(7.16)

0.0222***

(6.59)

0.00002

(1.12)

Yes

Yes

0.0408***

(16.43)

1.0797***

(5.92)

0.5764***

(3.41)

−1.4395***

(−5.17)

0.0295

(0.14)

−0.0938***

(−5.97)

0.0416***

(7.61)

0.0231*

(1.94)

0.0038***

(2.74)

−0.0038

(−0.99)

−0.0019

(−0.27)

0.0200***

(3.15)

0.0093

(1.14)

1.4077***

(6.62)

0.2797***

(5.95)

0.00001

(0.05)

−1.7333

(−0.55)

Yes

Yes

0.0026***

(18.92)

0.0692***

(6.03)

0.0369***

(3.41)

−0.0923***

(−5.22)

0.0019

(0.14)

−0.0060***

(−6.17)

0.0027***

(7.86)

0.0015*

(1.94)

0.0002***

(2.72)

−0.0002

(−0.99)

−0.0001

(−0.27)

0.0013***

(3.13)

0.0006

(1.14)

0.0902***

(6.72)

0.0179***

(5.97)

0.00000

(0.05)

Yes

Yes

N

3201

3201

pseudo R²

0.282

0.401