VARIABLES

(1)

(2)

finance

−0.0660**

[0.0278]

experienced

−0.1028**

[0.0184]

edu

0.0250

0.0330

[0.3698]

[0.2423]

gender

−0.0065

−0.0019

[0.8351]

[0.9519]

lnage

0.0353

0.0371

[0.6778]

[0.6618]

subscription

−0.0475***

−0.0477***

[0.0013]

[0.0012]

lnwage

0.0099

0.0085

[0.6781]

[0.7208]

lag

−0.0077

−0.0218

[0.8975]

[0.7157]

lagunderpricing

0.0230

0.0405

[0.7713]

[0.6069]

lag_number

−0.2835***

−0.2972***

[0.0001]

[0.0000]

market return

0.7942**

0.8758**

[0.0289]

[0.0166]

estyear

−0.0949**

−0.0941**

[0.0245]

[0.0255]

debt

−0.0548

−0.0212

[0.6945]

[0.8805]

size

0.0813

0.0717

[0.1021]

[0.1494]

independ director

−0.2947

−0.2948

[0.2776]

[0.2768]

IPO size

−0.2077***

−0.2051***

[0.0000]

[0.0000]

cpa firm rank

0.0306

0.0282

[0.3164]

[0.3543]

growth

−0.0185

−0.0242

[0.5457]

[0.4312]

ROA

0.5142*

0.5362*

[0.0834]

[0.0711]

Year

Control

Control

Industry

Control

Control

Constant

2.5670***

2.7585***

[0.0011]

[0.0005]

Observations

352

352

Adjusted R-squared

0.4591

0.4603

F

8.840

8.879