OLS

(1)

(2)

(3)

(4)

(5)

HHI

−0.170**

−0.175***

−0.196***

−0.074***

−0.003

(−2.544)

(−2.624)

(−3.116)

(−2.907)

(−0.149)

COEFF

−0.091***

−0.097***

−0.095***

−0.137***

−0.132***

(−4.540)

(−4.795)

(−5.000)

(−7.919)

(−7.598)

STD

0.195***

0.195***

0.093***

0.123***

0.086***

(5.36)

(5.363)

(2.858)

(4.046)

(2.808)

AT

−0.045***

−0.050***

0.074***

0.062***

0.055***

(−3.341)

(−3.644)

−22.451

−20.836

−19.208

MB

−0.009*

−0.010**

0.017***

0.028***

0.030***

(−1.854)

(−2.083)

(4.615)

(7.919)

(8.855)

LEVERAGE

0.004

0.02

−0.176***

−0.147***

−0.179***

(0.094)

(0.455)

(−6.529)

(−6.079)

(−7.812)

CEO FE

Yes

NO

NO

NO

NO

CEO*Firm FE

NO

Yes

NO

NO

NO

Industry FE

4-digit SIC

4-digit SIC

4-digit SIC

FF49

FF12

Year FE

Yes

Yes

Yes

Yes

Yes

Adj.R²

0.673

0.676

0.22

0.142

0.105

N

16,911

16,911

17,803

17,803

17,803