VARIABLES

(1)

(2)

(3)

(4)

Financial inefficiency

P > |t|

Social inefficiency

P > |t|

size

8.659***

0.001

7.820**

0.011

(2.395)

(2.906)

size²

−0.218***

0.001

−0.196**

0.010

(0.0596)

(0.0720)

car

1.463

0.261

−1.230

0.390

(1.280)

(1.413)

risk

0.699

0.435

−0.0952

0.923

(0.884)

(0.973)

liquidity

−0.0288

0.159

−0.00137

0.950

(0.0199)

(0.0217)

facr

−0.00516

0.677

−5.80e−05

0.997

(0.0123)

(0.0135)

efc

0.00180

0.166

1.05e−05

0.994

(0.00127)

(0.00139)

sub

−0.0983

0.251

−0.0528

0.505

(0.0840)

(0.0784)

Constant

−85.89***

0.001

−77.55**

0.013

(24.09)

(29.33)

sigma

0.196***

0.188***

(0.0312)

(0.0341)

Observations

40

40