| AEM: modified Jones model (1995) | ||
| Equation (1) | Equation (2) | Equation (3) |
VC | −0.012 |
|
|
(T statistic) | (−1.53) |
|
|
SINGLE |
| −0.023** |
|
(T statistic) |
| (−2.51) |
|
UNION |
| −0.004 | −0.004 |
(T statistic) |
| (−0.34) | (−0.36) |
AUDIT | 0.001 | 0.001 | 0.001 |
(T statistic) | (0.16) | (0.12) | (−0.03) |
UW | 0.003 | 0.002 | 0.001 |
(T statistic) | (0.34) | (0.26) | (0.03) |
SIZE | −0.011 | −0.010 | −0.007 |
(T statistic) | (−1.05) | (−1.00) | (−0.58) |
GROWTH | 0.047*** | 0.047*** | 0.049** |
(T statistic) | (2.63) | (2.69) | (2.17) |
LEV | −0.015 | −0.016 | 0.001 |
(T statistic) | (−0.39) | (−0.40) | (−0.01) |
CASH | −0.081 | −0.075 | −0.056 |
(T statistic) | (−1.12) | (−1.03) | (−0.65) |
Constant | 0.335* | 0.327* | 0.329 |
(T statistic) | (1.74) | (1.70) | (1.42) |
Number of Observations | 405 | 405 | 323 |
R2 | 0.116 | 0.121 | 0.135 |
Adjusted R-squared | 0.072 | 0.075 | 0.081 |