VARIABLES

(1)

(2)

(3)

(4)

Financial inefficiency

P > |t|

Social inefficiency

P > |t|

size

14.35***

0.001

2.222*

0.052

(4.103)

(1.103)

size²

−0.337***

0.001

−0.0584**

0.042

(0.0967)

(0.0275)

car

−0.0751

0.808

0.0226

0.384

(0.306)

(0.0256)

risk

−0.195

0.118

−0.650**

0.027

(0.122)

(0.281)

liquidity

−0.000486

0.979

0.0189

0.401

(0.0186)

(0.0222)

facr

0.00224

0.678

−0.000508

0.958

(0.00533)

(0.00963)

efc

−0.0218*

0.087

0.0661***

0.008

(0.0123)

(0.0233)

sub

−0.120*

0.072

−0.109

0.403

(0.0642)

(0.129)

Constant

−152.7***

0.001

−20.77*

0.070

(43.50)

(11.07)

sigma

0.123***

0.283***

(0.0222)

(0.0427)

Observations

40

40