| Model (5) | |||
| R_PEG | R_OJN | R_AVE | |
| EI | −0.012 | −0.035 | −0.026 |
| (−0.44) | (−1.26) | (−0.94) | |
| SIZE | −0.001 | −0.004 | −0.002 |
| (−0.44) | (−1.26) | (−0.74) | |
| BP | 0.035*** | 0.037*** | 0.036*** |
| (6.44) | (6.44) | (6.42) | |
| LEV | 0.073*** | 0.077*** | 0.072*** |
| (4.82) | (4.81) | (4.63) | |
| ROA | −0.092* | −0.124** | −0.107** |
| (−1.87) | (−2.38) | (−-2.10) | |
| cos | 0.214** | 0.085 | 0.026 |
| (2.49) | (0.76) | (0.24) | |
| Year effects | Yes | Yes | Yes |
| Industry effects | Yes | Yes | Yes |
| N | 1471 | 1419 | 1407 |
| Adj-R2 | 0.242 | 0.252 | 0.254 |