Two-year lag of non-financial misconduct
| Variables | (1) | (2) |
|---|---|---|
| LAF | LAF | |
| LNPEN2 | 0.011*** (7.456) | |
| LNNUM2 | 0.118*** (7.273) | |
| Intercept | 10.510*** (71.109) | 10.534*** (71.295) |
| Control variables | Yes | Yes |
| Year and industry FE | Yes | Yes |
| N | 10,032 | 10,032 |
| Adjusted R2 | 0.795 | 0.795 |
| Variables | (1) | (2) |
|---|---|---|
| LNPEN2 | 0.011 | |
| LNNUM2 | 0.118 | |
| Intercept | 10.510 | 10.534 |
| Control variables | Yes | Yes |
| Year and industry | Yes | Yes |
| 10,032 | 10,032 | |
| Adjusted | 0.795 | 0.795 |
*, ** and *** indicate significance (two-tailed) at 0.10, 0.05 and 0.01 levels, respectively. Standard errors are robust to heteroscedasticity and clustered by firm. The control variables used in Columns 1–2 are obtained from Model 1
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