Model 1

Model 2

CSRt

−0.0023***

(−3.46)

−0.0015**

(−1.99)

NCSKEWt

−0.2156***

(−18.39)

−0.0029**

(−2.49)

CSRt * CSC

0.1056**

(2.55)

CSC

−0.2162***

(−18.43)

SIZEt

0.1093***

(3.29)

0.1081***

(3.28)

LEVt

−0.2830**

(−2.50)

−0.2891**

(−2.56)

ROEt

−0.0333

(−0.19)

−0.0425

(−0.25)

DTURNt

0.0023

(0.16)

0.0020

(0.13)

RETt

8.5933***

(5.92)

8.5155***

(5.86)

MBt

0.0372***

(4.93)

0.0380***

(5.00)

SIGMAt

0.2554

(0.34)

0.2420

(0.33)

INSTIt

0.0030***

(3.59)

0.0030***

(3.54)

FIRt

−0.0020

(−1.00)

−0.0020

(−1.01)

OPAQUEt

0.0423

(0.99)

0.0407

(0.95)

Constant

−3.1001***

(−4.27)

−3.1039***

(−4.32)

YEAR

Control

Control

IND

Control

Control

Adjusted R2

0.1413

0.1423

F

75.35

67.62

N

9381

9381