VARIABLES

First stage

Second stage

$Sta{r}_{i,t}$

$nonSta{r}_{i,t}$

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

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

Constant

−5.674***

−9.696***

0.474*

0.718***

(0.489)

(1.053)

(0.261)

(0.178)

$exp\text{\_}sta{r}_{i,t}$

0.443***

0.485***

(0.013)

(0.026)

$exp\text{\_}nonsta{r}_{i,t}$

0.166***

0.920***

(0.005)

(0.011)

$Sta{r}_{i,t}$

−0.044***

−0.031***

(0.015)

(0.010)

$nonSta{r}_{i,t}$

0.023***

0.016***

(0.005)

(0.003)

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

−2.397

−63.879***

3.714

3.714

(12.062)

(22.413)

(6.032)

(4.109)

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

12.997***

25.683***

3.349***

1.842***

(1.178)

(2.433)

(0.620)

(0.422)

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

−0.132**

−0.113

−0.018

−0.000

(0.061)

(0.125)

(0.033)

(0.023)

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

0.209***

0.497***

−0.045***

−0.047***

(0.022)

(0.048)

(0.012)

(0.008)

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

0.012

0.184***

0.015**

0.006

(0.015)

(0.034)

(0.008)

(0.005)

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

0.106***

0.187***

0.068***

0.048***

(0.023)

(0.047)

(0.013)

(0.008)

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

0.361

−0.645

0.354**

0.135

(0.374)

(0.780)

(0.177)

(0.122)

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

0.217**

1.032***

0.081*

0.039

(0.083)

(0.186)

(0.042)

(0.028)

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

0.063

−0.269

−0.024

−0.012

(0.104)

(0.238)

(0.057)

(0.038)

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

5.978**

14.878***

0.254

0.088

(0.423)

(0.911)

(0.223)

(0.149)

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

0.002*

0.004

0.001

0.001*

(0.001)

(0.002)

(0.001)

(0.000)

Industry fixed effect

Control

Control

Control

Control

Year fixed effect

Control

Control

Control

Control

Observations

9925

9925

9925

9925

R-squared

0.634

0.805

0.056

0.058