| 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 |