VARIABLES

First stage

Second stage

$Coverag{e}_{i,t}$

$NCSKE{W}_{i,t+1}$

$DUVO{L}_{i,t+1}$

Constant

−15.294***

0.633**

0.829***

(1.300)

(0.254)

(0.173)

$exp\text{\_}co{v}_{i,t}$

1.032***

(0.009)

$Coverag{e}_{i,t}$

0.008***

0.005***

(0.001)

(0.001)

$RE{T}_{i,t}$

−69.613**

2.880

3.133

(27.268)

(6.028)

(4.108)

$SIGM{A}_{i,t}$

38.455***

3.078***

1.654***

(2.984)

(0.615)

(0.420)

$DTUR{N}_{i,t}$

−0.259*

−0.013

0.004

(0.150)

(0.033)

(0.023)

$SIZ{E}_{i,t}$

0.698***

−0.049***

−0.050***

(0.0579)

(0.012)

(0.008)

$M{B}_{i,t}$

0.207***

0.018**

0.008

(0.041)

(0.008)

(0.005)

$NCSKE{W}_{i,t}$

0.294***

0.066***

0.047***

(0.056)

(0.013)

(0.008)

$Opaqu{e}_{i,t}$

−0.416

0.324*

0.114

(0.959)

(0.178)

(0.122)

$Inshol{d}_{i,t}$

1.262***

0.087**

0.043

(0.228)

(0.042)

(0.028)

$LE{V}_{i,t}$

−0.166

−0.033

−0.018

(0.289)

(0.056)

(0.038)

$RO{A}_{i,t}$

21.069***

0.154

0.019

(1.112)

(0.221)

(0.147)

$Top{10}_{i,t}$

0.006*

0.001

0.001*

0.003

(0.001)

(0.000)

Industry fixed effect

Control

Control

Control

Year fixed effect

Control

Control

Control

Observations

9925

9925

9925

R-squared

0.826

0.060

0.061