The red flags of opportunistic capitalization
| (1) | (2) | |
|---|---|---|
| OTC1i,t | OTC1i,t | |
| MBEi,t | 0.233*** | |
| (2.59) | ||
| MBE1i,t | 0.533*** | |
| (2.73) | ||
| Sizei,t | −0.058 | −0.055 |
| (−0.69) | (−0.66) | |
| Levi,t | −0.475 | −0.541 |
| (−1.05) | (−1.19) | |
| MBi,t | −0.127 | −0.142 |
| (−0.93) | (−1.04) | |
| Growthi,t | 0.457* | 0.444* |
| (1.94) | (1.93) | |
| RDint_voli,t | 8.634 | 6.382 |
| (0.71) | (0.52) | |
| RDC_ratio_dumi,t | 0.334*** | 0.338*** |
| (2.73) | (2.76) | |
| Big4i,t | −0.984*** | −0.975*** |
| (−2.71) | (−2.67) | |
| Constant | −1.992 | −1.979 |
| (−0.95) | (−0.94) | |
| #of Obs. | 3,235 | 3,235 |
| Fixed effects | ||
| Industry | Yes | Yes |
| Year | Yes | Yes |
| Pseudo R2 | 0.082 | 0.083 |
| (1) | (2) | |
|---|---|---|
| 0.233*** | ||
| (2.59) | ||
| 0.533*** | ||
| (2.73) | ||
| −0.058 | −0.055 | |
| (−0.69) | (−0.66) | |
| −0.475 | −0.541 | |
| (−1.05) | (−1.19) | |
| −0.127 | −0.142 | |
| (−0.93) | (−1.04) | |
| 0.457* | 0.444* | |
| (1.94) | (1.93) | |
| 8.634 | 6.382 | |
| (0.71) | (0.52) | |
| 0.334*** | 0.338*** | |
| (2.73) | (2.76) | |
| −0.984*** | −0.975*** | |
| (−2.71) | (−2.67) | |
| Constant | −1.992 | −1.979 |
| (−0.95) | (−0.94) | |
| #of Obs. | 3,235 | 3,235 |
| Industry | Yes | Yes |
| Year | Yes | Yes |
| Pseudo | 0.082 | 0.083 |
Note(s): All variables are defined in Appendix. The robust z statistics shown in parentheses are based on the firm-clustered standard errors. *, ** and *** represent the statistical significance level of 10%, 5% and 1%, respectively
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