Variable | Model (1) (t) | Model (2) (t) (VIF) | Model (3) (t) | Model (4) (t) (VIF) | Model (5) (t) (VIF) | Model (6) (t) (VIF) |
Intercept | 0.3792*** | 0.1991*** | 0.4797*** | 0.2522*** | 0.4550*** | 0.2434*** |
(47.84) | (7.38) | (60.59) | (7.02) | (47.20) | (6.76) | |
FIDIR | 0.0887*** | 0.0473*** | 0.0677*** | 0.0530*** | ||
(7.66) | (4.33) | (4.95) | (4.13) | |||
|
| (1.05) |
|
| (1.35) | (1.37) |
EQ | 0.0150*** | 0.0146*** | 0.0133*** | 0.0126*** | ||
(9.37) | (8.90) | (6.80) | (6.36) | |||
|
|
|
| (1.11) | (1.47) | (1.59) |
EQ×FIDIR | 0.0044 | 0.0049* | ||||
(1.56) | (1.73) | |||||
|
|
|
|
| (1.82) | (1.83) |
ROE | −0.7299*** | −0.7110*** | −0.7104*** | |||
(−23.05) | (−21.94) | (−21.93) | ||||
|
| (1.01) |
| (1.02) |
| (1.02) |
LEV | −0.2925*** | −0.2620*** | −0.2677*** | |||
(−4.40) | (−3.85) | (−3.94) | ||||
|
| (1.08) |
| (1.11) |
| (1.11) |
MtoB | −0.1993*** | −0.1206*** | −0.1169*** | |||
(−7.33) | (−4.43) | (−4.29) | ||||
|
| (1.09) |
| (1.08) |
| (1.08) |
IDIR | 0.1156*** | 0.0998*** | 0.0954*** | |||
(18.40) | (10.93) | (10.43) | ||||
|
| (1.10) |
| (1.08) |
| (1.10) |
ΣIndustry | Uncontrolled | Controlled | Uncontrolled | Controlled | Uncontrolled | Controlled |
N | 14985 | 14370 | 13559 | 12968 | 13559 | 12968 |
Adj−R² | 0.0037 | 0.0833 | 0.0053 | 0.0736 | 0.0071 | 0.0748 |
F | 58.61 | 71.61 | 87.86 | 55.18 | 38.77 | 50.45 |