(1)

(2)

(3)

Constant

0.57

(0.96)

0.122

(0.87)

0.32

(1.106*)

Sticky

−0.32*

(−1.76*)

−0.78**

(−2.24**)

−0.25*

(−1.43*)

Age

0.58

(1.126)

1.44*

(1.89*)

0.62

(1.06)

Leverage

−0.44**

(−2.26**)

−1.94**

(−2.3**)

−2.75***

(−3.11***)

Size

−0.76*

(−1.376*)

−2.85***

(−3.42***)

−0.71

(−1.08)

Observations

660

432

228

R²

0.27

0.29

0.16

Adj R²

0.3

0.32

0.196

F

5.51***

6.62***

4.57***