| Model (3) | Model (4) | |
| NI | 0.565*** | 0.465*** |
| (66.88) | (55.01) | |
| EI | −0.287*** | −0.292*** |
| (−2.70) | (-3.14) | |
| EI*NI | 0.017** | 0.013* |
| (1.99) | (1.84) | |
| SIZE | 0.063*** | |
| (7.17) | ||
| LEV | −0.451*** | |
| (-8.64) | ||
| INTAN | 0.183*** | |
| (16.75) | ||
| GROWTH | 0.526*** | |
| (17.76) | ||
| LOSS | −0.600*** | |
| (-20.99) | ||
| cons | 0.11 | −1.183*** |
| (0.35) | (−3.65) | |
| Year effects | Yes | Yes |
| Industry effects | Yes | Yes |
| Adj-R2 | 0.543 | 0.654 |
| N | 4535 | 4535 |