VARIABLES

(1)

(2)

(3)

(4)

Financial inefficiency

P > |t|

Social inefficiency

P > |t|

size

3.984*

0.078

5.897**

0.048

(2.189)

(2.872)

size²

−0.101*

0.071

−0.146**

0.048

(0.0539)

(0.0706)

car

−0.270

0.872

1.734

0.375

(1.659)

(1.927)

risk

0.237

0.858

−0.504

0.733

(1.308)

(1.462)

liquidity

0.00202

0.161

0.00196

0.249

(0.00141)

(0.00167)

facr

0.0239*

0.095

0.0153

0.332

(0.0139)

(0.0156)

efc

−0.0238

0.256

0.00143

0.950

(0.0206)

(0.0225)

sub

−0.0706

0.458

0.0580

0.579

(0.0940)

(0.104)

Constant

−39.17*

0.088

−59.81**

0.049

(22.24)

(29.21)

sigma

0.216***

0.233***

(0.0334)

(0.0400)

Observations

40

40