Controlling for industry-year fixed effects
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| REGIN_REG | −0.181*** | −0.161*** | ||||||
| (−12.016) | (−9.857) | |||||||
| REGIN_RESP | −0.164*** | −0.206*** | ||||||
| (−9.813) | (−8.957) | |||||||
| REGIN_TIME | −0.159*** | −0.179*** | ||||||
| (−9.999) | (−8.874) | |||||||
| REGIN_DOLLAR | −0.093*** | −0.087*** | ||||||
| (−5.805) | (−5.067) | |||||||
| SIZE | −0.004 | −0.006 | −0.003 | 0.001 | 0.003 | 0.003 | 0.003 | 0.002 |
| (−0.240) | (−0.380) | (−0.226) | (0.085) | (0.813) | (0.782) | (0.681) | (0.486) | |
| AGE | −0.125*** | −0.131*** | −0.132*** | −0.154*** | −0.001 | −0.001 | −0.002 | −0.000 |
| (−6.745) | (−7.042) | (−7.114) | (−6.512) | (−0.064) | (−0.184) | (−0.196) | (−0.031) | |
| ROA | −0.318*** | −0.324*** | −0.324*** | −0.327*** | 0.030*** | 0.030*** | 0.030*** | 0.031*** |
| (−22.319) | (−22.599) | (−22.593) | (−20.293) | (3.094) | (3.132) | (3.146) | (3.239) | |
| RETURN | 0.024*** | 0.026*** | 0.026*** | 0.021*** | −0.006 | −0.008 | −0.007 | −0.010 |
| (5.137) | (5.517) | (5.415) | (3.875) | (−0.321) | (−0.407) | (−0.358) | (−0.522) | |
| INDCONC | 0.032 | 0.041 | 0.038 | −0.000 | −0.152*** | −0.163*** | −0.161*** | −0.160*** |
| (1.239) | (1.565) | (1.457) | (−0.003) | (−6.027) | (−6.438) | (−6.376) | (−6.237) | |
| CEOTURN | −0.309*** | −0.313*** | −0.313*** | −0.320*** | ||||
| (−18.354) | (−18.470) | (−18.531) | (−18.487) | |||||
| CEODUALITY | 0.017*** | 0.018*** | 0.018*** | 0.019*** | ||||
| (3.191) | (3.367) | (3.316) | (3.539) | |||||
| BOARDSIZE | −0.005 | −0.000 | −0.001 | −0.002 | ||||
| (−0.148) | (−0.004) | (−0.040) | (−0.075) | |||||
| Constant | 0.522*** | 0.352*** | 0.369*** | 0.327*** | 0.359** | 0.307** | 0.257* | 0.347*** |
| (11.961) | (10.220) | (10.773) | (7.481) | (2.486) | (2.278) | (1.856) | (7.916) | |
| Observations | 78,523 | 78,523 | 78,523 | 64,378 | 61,090 | 61,090 | 61,090 | 60,021 |
| Adj. R-squared | 0.492 | 0.539 | 0.539 | 0.546 | 0.515 | 0.567 | 0.568 | 0.547 |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry-year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Clustered std err by firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
|---|---|---|---|---|---|---|---|---|
| REGIN_REG | −0.181*** | −0.161*** | ||||||
| (−12.016) | (−9.857) | |||||||
| REGIN_RESP | −0.164*** | −0.206*** | ||||||
| (−9.813) | (−8.957) | |||||||
| REGIN_TIME | −0.159*** | −0.179*** | ||||||
| (−9.999) | (−8.874) | |||||||
| REGIN_DOLLAR | −0.093*** | −0.087*** | ||||||
| (−5.805) | (−5.067) | |||||||
| SIZE | −0.004 | −0.006 | −0.003 | 0.001 | 0.003 | 0.003 | 0.003 | 0.002 |
| (−0.240) | (−0.380) | (−0.226) | (0.085) | (0.813) | (0.782) | (0.681) | (0.486) | |
| AGE | −0.125*** | −0.131*** | −0.132*** | −0.154*** | −0.001 | −0.001 | −0.002 | −0.000 |
| (−6.745) | (−7.042) | (−7.114) | (−6.512) | (−0.064) | (−0.184) | (−0.196) | (−0.031) | |
| ROA | −0.318*** | −0.324*** | −0.324*** | −0.327*** | 0.030*** | 0.030*** | 0.030*** | 0.031*** |
| (−22.319) | (−22.599) | (−22.593) | (−20.293) | (3.094) | (3.132) | (3.146) | (3.239) | |
| RETURN | 0.024*** | 0.026*** | 0.026*** | 0.021*** | −0.006 | −0.008 | −0.007 | −0.010 |
| (5.137) | (5.517) | (5.415) | (3.875) | (−0.321) | (−0.407) | (−0.358) | (−0.522) | |
| INDCONC | 0.032 | 0.041 | 0.038 | −0.000 | −0.152*** | −0.163*** | −0.161*** | −0.160*** |
| (1.239) | (1.565) | (1.457) | (−0.003) | (−6.027) | (−6.438) | (−6.376) | (−6.237) | |
| CEOTURN | −0.309*** | −0.313*** | −0.313*** | −0.320*** | ||||
| (−18.354) | (−18.470) | (−18.531) | (−18.487) | |||||
| CEODUALITY | 0.017*** | 0.018*** | 0.018*** | 0.019*** | ||||
| (3.191) | (3.367) | (3.316) | (3.539) | |||||
| BOARDSIZE | −0.005 | −0.000 | −0.001 | −0.002 | ||||
| (−0.148) | (−0.004) | (−0.040) | (−0.075) | |||||
| Constant | 0.522*** | 0.352*** | 0.369*** | 0.327*** | 0.359** | 0.307** | 0.257* | 0.347*** |
| (11.961) | (10.220) | (10.773) | (7.481) | (2.486) | (2.278) | (1.856) | (7.916) | |
| Observations | 78,523 | 78,523 | 78,523 | 64,378 | 61,090 | 61,090 | 61,090 | 60,021 |
| Adj. | 0.492 | 0.539 | 0.539 | 0.546 | 0.515 | 0.567 | 0.568 | 0.547 |
| Year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Firm fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry-year fixed effect | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Clustered std err by firm | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Note(s): This table presents the results of adding industry-year fixed effects in the baseline models. Refer to Appendix A for detailed variable definitions. We winsorize all continuous variables at the upper and lower 1% of the sample distribution. ***, ** and * indicate significance at the 1%, 5% and 10% levels, respectively
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