OLS

(1)

(2)

(3)

(4)

(5)

(6)

HHI

−0.225***

−0.230***

−0.235***

−0.078***

−0.149***

−0.285***

(−3.109)

(−3.130)

(−3.174)

(−2.824)

(−5.008)

(−3.997)

COEFF

−0.056**

−0.055**

−0.055**

−0.127***

−0.137***

−0.084***

(−2.351)

(−2.281)

(−2.280)

(−6.593)

(−7.177)

(−3.785)

STD

0.219***

0.226***

0.223***

0.132***

0.186***

0.190***

(5.003)

(5.152)

(5.084)

(3.894)

(5.527)

(5.028)

AT

−0.042***

−0.051***

−0.047***

0.057***

0.071***

0.089***

(−2.587)

(−3.032)

(−2.746)

(15.084)

(17.68)

(20.087)

MB

−0.006***

−0.006***

−0.007***

0.004**

0.006***

0.001

(−2.586)

(−2.732)

(−2.836)

(2.233)

(2.782)

(0.544)

LEVERAGE

−0.214***

−0.210***

−0.203***

−0.232***

−0.216***

−0.214***

(−6.401)

(−6.276)

(−6.071)

(−6.781)

(−6.421)

(−6.487)

PP & E

−0.140**

−0.146**

−0.151**

−0.103***

−0.035

0.03

(−2.212)

(−2.289)

(−2.351)

(−3.589)

(−1.086)

(0.786)

R&D

−0.524**

−0.561**

−0.511**

0.926***

0.416***

0.221

(−2.379)

(−2.541)

(−2.312)

(7.911)

(3.017)

(1.5)

ROA

−0.086

−0.09

−0.094

0.292***

0.250***

0.196***

(−1.319)

(−1.381)

(−1.445)

(4.774)

(4.139)

(3.271)

ADV

−0.111

−0.112

−0.16

0.884***

0.461***

0.376**

(−0.367)

(−0.370)

(−0.471)

(6.414)

(3.221)

(2.398)

EXACCR

0.199***

0.196***

0.193***

0.072***

0.147***

0.181***

(4.599)

(4.516)

(4.457)

(3.458)

(6.511)

(7.663)

MTR

0.106**

0.105**

0.103**

0.059*

0.080**

0.120***

(2.519)

(2.489)

(2.437)

(1.701)

(2.315)

(3.424)

CEO FE

YES

YES

YES

NO

NO

NO

Industry FE

FF12

FF49

4-digit SIC

FF12

FF49

4-digit SIC

Year FE

YES

YES

YES

YES

YES

YES

Adj.R²

0.683

0.684

0.685

0.127

0.174

0.271

N

12,992

12,992

12,992

12,992

12,992

12,992