| 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 |