| (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 |