Note(s): The table reports the regression results of the first-stage Heckman regression. IndAnaCov is the proportion of companies in the same industry that have analyst coverage in a given year. All variables are defined in  Appendix 1. p-values for two-tailed tests are given in parentheses and are based on robust standard errors clustered by firm and year. *, ** and *** indicate statistical significance at the 10, 5 and 1% levels, respectively