variables

Model(1)

Model(2)

Model(3)

Model(4)

Model(5)

Model(6)

OC2

0.013**

0.012***

0.011*

0.009**

(2.57)

(2.58)

(1.82)

(2.07)

PC×OC2

−0.065**

(−2.09)

PCL×OC2

−0.003

(−0.70)

PC

0.007

0.006

0.006

(0.32)

(0.29)

(0.29)

PCL

−0.004*

−0.004

−0.004*

(−1.87)

(−1.60)

(−1.67)

Size

−0.014***

−0.014***

−0.013***

−0.013***

−0.013***

−0.013***

(−3.76)

(−3.82)

(−3.67)

(−3.54)

(−3.52)

(−3.52)

Age_C

−0.022***

−0.022***

−0.023***

−0.024***

−0.024***

−0.024***

(−3.48)

(−3.44)

(−3.45)

(−4.86)

(−4.74)

(−4.76)

Cash_F

0.000**

0.000**

0.000***

0.000

0.000

0.000

(2.30)

(2.42)

(2.63)

(1.32)

(1.30)

(1.32)

ROA

0.123**

0.136**

0.129**

0.148***

0.157***

0.155***

(2.20)

(2.41)

(2.41)

(2.65)

(2.74)

(2.85)

Ind_ratio

0.023

0.020

0.011

0.030

0.027

0.025

(0.42)

(0.36)

(0.19)

(0.51)

(0.46)

(0.41)

Share_F

0.008

0.008

0.007

0.010

0.009

0.009

(0.15)

(0.15)

(0.13)

(0.18)

(0.17)

(0.17)

History

0.027***

0.026***

0.025**

0.028***

0.028***

0.028***

(2.59)

(2.60)

(2.58)

(2.59)

(2.60)

(2.62)

Method

0.018*

0.017*

0.014

0.018

0.017

0.017

(1.78)

(1.66)

(1.46)

(1.60)

(1.54)

(1.52)

Advisor

−0.054***

−0.054***

−0.056***

−0.054***

−0.055***

−0.055***

(−3.18)

(−3.09)

(−3.11)

(−2.92)

(−2.87)

(−2.85)

Age_T

0.002

0.002

0.002

0.002

0.002

0.002

(1.19)

(1.31)

(1.21)

(1.18)

(1.22)

(1.21)

FCP

−0.069***

−0.071***

−0.073***

−0.063***

−0.065***

−0.066***

(−7.34)

(−7.16)

(−6.99)

(−7.50)

(−7.22)

(−7.22)

_cons

0.289***

0.263***

0.288***

0.273***

0.254***

0.256***

(4.86)

(4.68)

(4.70)

(4.34)

(4.12)

(4.13)

Industry

yes

yes

yes

yes

yes

yes

Year

yes

yes

yes

yes

yes

yes

r2

0.112

0.113

0.117

0.114

0.114

0.115

F

18.918

19.615

14.743

15.841

16.926

15.748

N

1100.000

1100.000

1100.000

1100.000

1100.000

1100.000