| Variable | Alternative | Coefficient | Marginal Effects | Z value | P > |z| |
| Industry adjusted Log Total Asset | Media Threat | −0.1643* | −0.0032 | −1.92 | 0.055 |
| Market Adjusted Return | Media Threat | −0.5509* | −0.0106 | −1.94 | 0.053 |
| Industry adjusted Free Cash Flow scaled by total asset | Media Threat | 0.0785** | 0.0015 | 2.12 | 0.034 |
| Industry adjusted Leverage Ratio (square root) | Media Threat | 0.3080 | 0.0059 | 0.78 | 0.435 |
| Industry adjusted Log Market to Book Ratio | Media Threat | −1.0484*** | −0.0202 | −3.83 | 0.000 |
| Shareholder Proposal Submittal in Prior Year (square root) | Media Threat | 0.5966*** | 0.0115 | 2.75 | 0.006 |
| Staggered Board | No further actions after Media Threat | 0.1817 | 0.0012 | 0.18 | 0.856 |
| Poison pills | No further actions after Media Threat | 2.6244** | 0.0198 | 2.34 | 0.019 |
| Requirement to Approve a Merger | No further actions after Media Threat | 0.5419 | 0.0040 | 0.34 | 0.738 |
| Requirement to Amend Bylaws | No further actions after Media Threat | −0.4679 | −0.0029 | −0.39 | 0.696 |
| Requirement to Amend Company Charter | No further actions after Media Threat | 2.2630 | 0.0280 | 1.09 | 0.276 |
| Board Independence | No further actions after Media Threat | −28.9569*** | −0.1254 | −3.25 | 0.001 |
| Staggered Board | SEC Filing | −0.8908 | −0.0037 | −0.68 | 0.498 |
| Poison pills | SEC Filing | −2.1897 | −0.0100 | −1.51 | 0.13 |
| Requirement to Approve a Merger | SEC Filing | −0.9289 | −0.0032 | −0.41 | 0.681 |
| Requirement to Amend Bylaws | SEC Filing | 1.3447 | 0.0065 | 0.87 | 0.382 |
| Requirement to Amend Company Charter | SEC Filing | −3.8977 | −0.0083 | −1.06 | 0.29 |
| Board Independence | SEC Filing | 36.7119*** | 0.1468 | 3.46 | 0.001 |
| Institutional Ownership | No further actions after SEC Filing | 0.5389 | 0.0005 | 0.06 | 0.955 |
| Number of funds | No further actions after SEC Filing | −0.0011 | 0.0000 | −0.09 | 0.93 |
| Insider ownership | No further actions after SEC Filing | 30.3590 | 0.0306 | 1.08 | 0.282 |
| Block-holder ownership | No further actions after SEC Filing | −19.9147 | −0.0201 | −1.41 | 0.158 |
| Filing of 13d—Presence of active block-holders | No further actions after SEC Filing | 11.8989 | 0.0766 | 1.14 | 0.254 |
| Institutional Ownership | Proxy Fight | 0.2603 | 0.0002 | 0.03 | 0.979 |
| Number of funds | Proxy Fight | 0.0041 | 0.0000 | 0.31 | 0.76 |
| Insider ownership | Proxy Fight | −34.8581* | −0.0329 | −1.72 | 0.085 |
| Block-holder ownership | Proxy Fight | 22.4023 | 0.0212 | 1.21 | 0.225 |
| Filing of 13d—Presence of active block-holders | Proxy Fight | −11.3002 | −0.0292 | −1.32 | 0.186 |