Model 1

Model 2

CSR_t

−0.0019***

(−3.49)

−0.0012**

(−2.01)

CSR_t * CSC

−0.0023***

(−2.52)

CSC

0.0681**

(2.05)

DUVOL_t

−0.2304***

(−19.38)

−0.2308***

(−19.43)

SIZE_t

0.0568**

(2.12)

0.0565**

(2.12)

LEV_t

−0.2251**

(−2.49)

−0.2188**

(−2.53)

ROE_t

−0.0586

(−0.42)

−0.0670

(−0.48)

DTURN_t

−0.0017

(−0.14)

−0.0017

(−0.14)

RET_t

6.6353***

(5.34)

6.5721***

(5.29)

MB_t

0.0262***

(4.01)

0.0268***

(4.09)

SIGMA_t

0.3601

(0.60)

0.3508

(0.59)

INSTI_t

0.0024***

(3.48)

0.0024***

(3.49)

FIR_t

−0.0005

(−0.31)

−0.0005

(−0.30)

OPAQUE_t

0.0215

(0.65)

0.0208

(0.63)

Constant

−1.8207***

(−3.13)

−1.8317***

(−3.17)

YEAR

Control

Control

IND

Control

Control

Adjusted R²

0.1631

0.1639

F

87.04

77.95

N

9381

9381