variables

Model (1)

Model (2)

Model (3)

Model (4)

Model (5)

Model (6)

OC1

0.017**

0.017**

0.016*

0.016*

(2.22)

(2.19)

(1.79)

(1.75)

PC × OC1

−0.034**

(−1.98)

PCL×OC1

0.002

(0.42)

PC

−0.034

−0.035

−0.035

(−1.48)

(−1.51)

(−1.51)

PCL

−0.010

−0.010

−0.010

(−1.53)

(−1.53)

(−1.48)

Size

−0.008

−0.008

−0.008

−0.008

−0.008

−0.008

(−0.74)

(−0.78)

(−0.81)

(−0.70)

(−0.74)

(−0.73)

Age_C

−0.031*

−0.033*

−0.033*

−0.032*

−0.034*

−0.034*

(−1.79)

(−1.93)

(−1.94)

(−1.78)

(−1.91)

(−1.89)

Cash_F

−0.000

−0.000

−0.000

−0.000

−0.000

−0.000

(−0.42)

(−0.21)

(−0.23)

(−0.36)

(−0.17)

(−0.15)

ROA

0.127

0.140

0.131

0.134

0.144

0.150

(1.26)

(1.34)

(1.21)

(1.49)

(1.57)

(1.52)

Ind_ratio

0.267*

0.271**

0.270**

0.287**

0.291**

0.292**

(1.96)

(2.09)

(2.02)

(2.14)

(2.27)

(2.31)

Share_F

−0.171**

−0.166**

−0.165**

−0.169**

−0.164**

−0.165**

(−2.39)

(−2.23)

(−2.21)

(−2.40)

(−2.23)

(−2.27)

History

0.045***

0.045***

0.046***

0.047***

0.047***

0.047***

(5.37)

(5.45)

(5.97)

(6.41)

(6.39)

(6.12)

Method

0.024

0.023

0.024

0.028

0.026

0.026

(1.34)

(1.20)

(1.27)

(1.59)

(1.45)

(1.42)

Advisor

−0.043***

−0.042***

−0.039***

−0.042***

−0.041***

−0.041***

(−6.12)

(−5.00)

(−4.55)

(−5.97)

(−4.95)

(−5.57)

Age_T

−0.001

−0.001

−0.001

−0.001

−0.001

−0.001

(−0.67)

(−0.60)

(−0.62)

(−0.59)

(−0.53)

(−0.52)

FCP

−0.073***

−0.073***

−0.071***

−0.071***

−0.071***

−0.072***

(−13.26)

(−12.59)

(−9.93)

(−11.03)

(−10.52)

(−8.05)

_cons

0.422

0.429

0.433

0.399

0.406

0.406

(1.57)

(1.61)

(1.63)

(1.36)

(1.39)

(1.39)

Industry

yes

yes

yes

yes

yes

yes

Year

yes

yes

yes

yes

yes

yes

r2

0.171

0.173

0.175

0.174

0.175

0.175

F

48.710

55.318

68.705

47.992

53.896

93.011

N

419.000

419.000

419.000

419.000

419.000

419.000