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 |