(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

ACT1

ACT1

ACT2

ACT2

ACT1

ACT1

ACT2

ACT2

BODSIZE

−0.179*

−0.467**

0.126

0.22

0.499*

0.287*

0.141

0.26

(−0.83)

(1.16)

(0.535)

(0.739)

(0.216)

(0.916)

(0.486)

(0.155)

BODINDE

0.0282*

0.0307

−0.023

−0.009

−0.545*

−0.015

0.0127*

0.009

(0.06)

(0.03)

(−0.09)

(−0.739)

(0.352)

(0.730)

(0.675)

(0.743)

BODDIV

0.0143

0.0377

0.025

0.040

0.276

−0.216

0.447

0.066

(0.08)

(−0.06)

(0.752)

(0.539)

(0.848)

(0,826)

(0.539)

(0.317)

BODDIR

0.372

0.378

0.192

0.114

0.41*

0.441*

0.173

0.921

(0.84)

(0.74)

(0.458)

(0.656)

(0.428)

(0.502)

(0.502)

(0.717)

INST

0.0988

0.397**

−0.073

−0.077

-

-

-

-

(−0.35)

(−3.26)

(0.237)

(0.071)

-

-

-

-

FIRMSIZE

4.789***

9.664***

2.50

1.67

−9.916***

−5.039***

3.88**

2.232

(−10.20)

(−3.34)

(0.098)

(0.36)

(0.001)

(0.000)

(0.012)

(0.006)

FIRMAGE

−0.00545

0.0333

−0.189

−0.109

−0.03

−0.0038

−0.118

−0.77

(−0.03)

(0.24)

(0.056)

(0.048)

(0.447)

(0.882)

(0.107)

(0.010)

ROA

−0.00107

−0.00451

−0.02

−0.001

0.002

0.005

0.0451

−0.0016

(−0.57)

(0.25)

(−0.027)

(0.048)

(0.874)

(0.74)

(0.040)

(0.07)

LEVERAGE

0.0448

0.0751

−0.67

0.50

0.078

−0.017

0.0751

−0.055

(−1.50)

(1.52)

(0.027)

(0.031)

(0.215)

(0.961)

(0.003)

(0.017)

CEOTENURE

−0.0269

0.176

0.051

0.078

−0.184

0.0163**

0.086

0.12

(−0.29)

(1.11)

(0.007)

(0.308)

(0.889)

(0.046)

(0.289)

(0.122)

industry

-

0.786**

-

−0.063

-

−0.7293

-

−0.080

-

(3.91)

-

(0.879)

-

(−0.96)

-

(0.835)

year

-

−0.507

-

0.620

-

−0.395

-

0.39

-

(−1.88)

-

(0.10)

-

(−1.65)

-

(0.003)

IPI

0.217

0.320

−0.293

0.492

(0.04)

(0.102)

(0.022)

(0.121)

IPS

−0.634

0.528

0.397

1.28

(0.889)

(0.350)

(−0.031)

(0.484)

Constant

34.8

43.15***

2.858

3.58

91.21

42.63

80.00

78.28

(0.00)

(0.001)

(0.000)

0.0000

(0.000)

(0.000)

(0.000)

0.000

N

1715

1715

1715

1715

1715

1715

1715

1715

R2

0.072

0.021

0.135

0.120

0.1215

0.1600

0.122

0.182