NCSKEW_t

−0.2432***

(−9.60)

−0.2298***

(−16.12)

SIZE_t

0.1724**

(2.28)

0.0938**

(2.41)

LEV_t

−0.5418**

(−2.18)

−0.3059**

(−2.26)

ROE_t

0.7531*

(1.83)

−0.2198

(−1.10)

DTURN_t

0.0234

(0.72)

0.0021

(0.12)

RET_t

12.8118***

(4.30)

6.6533***

(3.78)

MB_t

0.0645***

(3.71)

0.0370***

(4.13)

SIGMA_t

3.2409*

(2.10)

0.4015

(0.45)

INSTI_t

0.0011

(0.59)

0.0035***

(3.58)

FIR_t

−0.0072

(−1.43)

0.0001

(0.03)

OPAQUE_t

0.1345

(1.38)

0.0218

(0.43)

Constant

−4.1511**

(−2.52)

−2.8820***

(−3.39)

YEAR

Control

Control

IND

Control

Control

Adjusted R²

0.1783

0.1384

F

21.89

51.39

N

2,482

6,899