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