Perks1

Perks2

High shareholding ratio

Low shareholding ratio

Full sample

High shareholding ratio

Low shareholding ratio

Full sample

_cons

0.4841***

(5.73)

1.5290***

(4.34)

0.9340***

(4.60)

0.1067***

(6.53)

0.2519***

(4.95)

0.1665***

(6.59)

Loan

−0.0266*

(−1.79)

−0.3143**

(−2.01)

−0.3456

(−1.50)

0.0008

(0.21)

−0.0384***

(−3.90)

−0.0430***

(−5.92)

First

−0.0084*

(−1.92)

−0.1273

(−1.58)

−0.1670*

(−1.95)

−0.0069***

(−3.08)

−0.0304*

(−1.84)

−0.0331***

(−9.38)

Loan*First

0.4414**

(2.18)

0.0640***

(4.37)

Size

−0.0112***

(−13.29)

−0.0547***

(−3.27)

−0.0327***

(−3.76)

−0.0021***

(−7.39)

−0.0093***

(−3.49)

−0.0054***

(−4.35)

Debt

−0.0263***

(−2.70)

0.1467*

(1.85)

0.1248*

(1.69)

−0.0179***

(−7.31)

0.0099

(0.94)

−0.0021

(−0.36)

Roe

−0.0297***

(−3.45)

−0.0129

(−1.35)

−0.0143

(−1.56)

−0.0004

(−0.33)

0.0002

(0.90)

−0.0001

(−0.39)

Growth

−0.0000

(−1.02)

−0.0001

(−0.89)

−0.0001

(−1.12)

−0.0018*

(−1.90)

−0.0001

(−1.03)

−0.0001

(−0.93)

Cash

−0.0525***

(−3.31)

−0.4629***

(−2.89)

−0.2365***

(−3.36)

−0.0104***

(−2.75)

−0.0980**

(−1.97)

−0.0504**

(−2.25)

CEOsh

−0.0074

(−1.28)

−0.2080***

(−3.23)

−0.0730***

(−3.99)

0.0057***

(3.58)

−0.0045

(−0.71)

0.0000

(0.02)

Year Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Industry Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

F

47.43

327.78

1452.17

34.64

20.77

46.04

Prob > F

0.000

0.000

0.000

0.000

0.000

0.000

R²

0.1223

0.025

0.0187

0.1023

0.0235

0.022

Obs

9397

9397

18794

6532

6532

13064