VARIABLES

(1)

(2)

(3)

(4)

Financial inefficiency

P > |t|

Social inefficiency

P > |t|

size

1.103

0.152

1.906

0.124

(0.752)

(1.206)

size²

−0.0286

0.134

−0.0464

0.125

(0.0188)

(0.0295)

car

−0.835

0.264

−0.490

0.575

(0.735)

(0.865)

risk

0.694

0.189

1.217

0.111

(0.517)

(0.742)

liquidity

−0.00867***

0.003

0.000390

0.939

(0.00268)

(0.00507)

facr

0.0593***

0.001

−0.0192

0.476

(0.0169)

(0.0266)

efc

0.0302*

0.070

−0.000695

0.975

(0.0161)

(0.0223)

sub

−0.148

0.106

−0.0881

0.494

(0.0889)

(0.127)

Constant

−10.69

0.165

−19.51

0.124

(7.529)

(12.35)

sigma

0.174***

0.273***

(0.0294)

(0.0452)

Observations

40

40