(9)

(10)

(11)

(12)

INST

IPI

INST

IPI

BODSIZE

−0.343

−0.034

0.258

0.26

(0.492)

(0.901)

(0.161)

(0.155)

BODINDE

0.003*

0.0055**

0.008*

0.009*

(0.33)

(0.352)

(0.767)

(0.743)

BODDIV

0.102

−0.0070

0.639

0.066

(0.39)

(0.743)

(0.337)

(0.317)

BODDIR

−0.43

0.39

0.096

0.921

(0.54)

(0.389)

(0.707)

(0.717)

Firmsize

0.281

3.068

2.24**

2.232

(0.071)

(0.100)

(0.006)

(0.006)

firmage

−3.09

−4.87***

−0.077

−0.77

(0.112)

(0.000)

(0.011)

(0.010)

ROA

0.082

−0.002

0.001

−0.0016

(0.32)

(0.09))

(0.080)

(0.07)

Leverage

2.09

0.004

−0.054

−0.055

(0.14)

(0.801)

(0.019)

(0.017)

CEOTenure

−0.333

0.08

0.119

0.12

(0.007)

(0.822)

(0.118)

(0.122)

industry

0.039

0.0419

−0.089

−0.080

(0.65)

(0.722)

(0.828)

(0.835)

year

0.54

0.808

−0.35

0.39

(0.043)

0.059

(0.138)

(0.003)

Post

0.301

0.777

−0.032

−0.289

(0.0008)

(0.971)

(−0.490)

(0.786)

INST

1.89

-

−0.41

-

(0.122)

-

(0.052)

-

IPI

-

2.865

-

−0.94

-

(0.116)

-

(0.001)

Post*INST

2.09

-

−0.519

-

(0.14)

-

(0.021)

-

Post*IPI

-

−0.086

-

−0.794

-

0.011

-

(0.403)

Constant

84.43

91.21

80.000

78.28

(0.000)

(0.000)

(0.000)

(0.000)

Number

1715

1715

1715

Rsq

0.1215

0.122

0.182