Model (1)

Model (2)

BV

2.348***

2.349***

(46.28)

(45.39)

NI

8.759***

10.265***

(18.33)

(20.04)

DIV

10.812***

10.516***

(9.45)

(8.19)

EI

−0.394

(−0.13)

EI*BV

0.044

(0.43)

EI*NI

0.995**

(2.16)

EI*DIV

−2.683

(−1.54)

cons

11.42

11.41

(1.47)

(1.47)

Year effects

Yes

Yes

Industry effects

Yes

Yes

Adj-R2

0.760

0.761

N

5192

5192