| Variable | Alternatives | Coefficient | Standard Error | z | P > |z| |
| Market Adjusted Return | SEC Filing | −0.3958 | 0.1611 | −2.46 | 0.014 |
| Poison pills | SEC Filing | −2.1961 | 0.1958 | −11.21 | 0.000 |
| Block-holder ownership | SEC Filing | −20.6261 | 0.8086 | −25.51 | 0.000 |
| Shareholder Proposal Submittal in Prior Year (square root) | SEC Filing | −1.9537 | 0.3268 | −5.98 | 0.000 |
| Industry adjusted Log Total Asset | Voted | 0.0097 | 0.0981 | 0.10 | 0.921 |
| Board Independence | Voted | −4.5999 | 0.6286 | −7.32 | 0.000 |
| Institutional Ownership | Voted | 1.6977 | 0.6260 | 2.71 | 0.007 |
| Industry adjusted Free Cash Flow scaled by total asset | Voted | 0.1305 | 0.0563 | 2.32 | 0.021 |
| Industry adjusted Leverage Ratio (square root) | Voted | 1.0523 | 0.6309 | 1.67 | 0.095 |
| Industry adjusted Log Total Asset | No further actions after Media Threat | 0.0496 | 0.0722 | 0.69 | 0.492 |
| Board Independence | No further actions after Media Threat | −4.7647 | 0.4170 | −11.43 | 0.000 |
| Institutional Ownership | No further actions after Media Threat | −0.6419 | 0.4416 | −1.45 | 0.146 |
| Industry adjusted Free Cash Flow scaled by total asset | No further actions after Media Threat | −0.1336 | 0.1138 | −1.17 | 0.240 |
| Industry adjusted Log Leverage Ratio | No further actions after Media Threat | 0.5805 | 0.4494 | 1.29 | 0.196 |