| VARIABLES | EPI |
| Manage | 0.48** |
|
| (0.042) |
| ROA | 0.99** |
|
| (0.019) |
| Growth | −0.04 |
|
| (0.535) |
| Age | −0.01 |
|
| (0.236) |
| Levi | 0.26* |
|
| (0.092) |
| Cashflow | −0.02 |
|
| (0.968) |
| Reg | 0.12** |
|
| (0.022) |
| SOE | −0.11* |
|
| (0.064) |
| First | 0.01* |
|
| (0.096) |
| Director | 0.00 |
|
| (0.771) |
| Indep | −1.41*** |
|
| (0.000) |
| Bage | −0.02 |
|
| (0.186) |
| Constant | 1.45** |
|
| (0.039) |
| Industry | Controlled |
| year | Controlled |
| Observations | 1,430 |
| R-squared | 0.094 |