VARIABLES

(1)

(2)

finance

−0.0670**

[0.0235]

experienced

−0.1017**

[0.0186]

edu

0.0251

0.0337

[0.3589]

[0.2246]

gender

−0.0066

−0.0024

[0.8322]

[0.9388]

lnage

0.0399

0.0420

[0.6351]

[0.6171]

subscription

−0.0488***

−0.0498***

[0.0005]

[0.0004]

lnwage

0.0085

0.0070

[0.7185]

[0.7668]

lag

−0.0034

−0.0155

[0.9540]

[0.7922]

lag_number

−0.2873***

−0.3025***

[0.0000]

[0.0000]

market return

1.7612***

1.8253***

[0.0000]

[0.0000]

estyear

−0.0942**

−0.0931**

[0.0241]

[0.0257]

debt

−0.0488

−0.0136

[0.7231]

[0.9221]

size

0.0783

0.0680

[0.1110]

[0.1665]

independ director

−0.2875

−0.2826

[0.2829]

[0.2909]

IPO size

−0.2025***

−0.1977***

[0.0000]

[0.0000]

cpa firm rank

0.0295

0.0272

[0.3296]

[0.3674]

growth

−0.0197

−0.0256

[0.5157]

[0.4003]

ROA

0.5212*

0.5437*

[0.0763]

[0.0647]

Year

Control

Control

Industry

Control

Control

Constant

2.5613***

2.7450***

[0.0010]

[0.0005]

Observations

352

352

Adjusted R-squared

0.5027

0.5033

F

10.59

10.61