OLS alternative proxy for managerial ability (HMA)
| DUVOLt+1 | NCSKEWt+1 | |
|---|---|---|
| (1) | (2) | |
| Constant | 0.940 (1.928) | −0.604 (−0.925) |
| HMA | −0.382*** (−4.960) | −0.513*** (−4.421) |
| SIGMA | −2.490 (−0.282) | 47.715** (3.33) |
| RET | −6.769 (−0.429) | −70.443*** (−2.764) |
| SIZE | −0.042** (−2.141) | 0.025 (0.868) |
| ROA | 0.331***(2.636) | −0.106 (−0.566) |
| LEV | 0.971***(4.612) | 0.317 (0.993) |
| MTB | 0.002 (0.129) | 0.001(0.035) |
| Adjusted R2 | 0.291 | 0.221 |
| Observation | 480 | 480 |
| Year fixed effect | Yes | Yes |
| Industry fixed effect | Yes | Yes |
| DUVOLt+1 | NCSKEWt+1 | |
|---|---|---|
| (1) | (2) | |
| Constant | 0.940 (1.928) | −0.604 (−0.925) |
| HMA | −0.382 | −0.513 |
| SIGMA | −2.490 (−0.282) | 47.715 |
| RET | −6.769 (−0.429) | −70.443 |
| SIZE | −0.042 | 0.025 (0.868) |
| ROA | 0.331 | −0.106 (−0.566) |
| LEV | 0.971 | 0.317 (0.993) |
| MTB | 0.002 (0.129) | 0.001(0.035) |
| Adjusted | 0.291 | 0.221 |
| Observation | 480 | 480 |
| Year fixed effect | Yes | Yes |
| Industry fixed effect | Yes | Yes |
Notes:
The significance levels are denoted as *, ** and ***at 10, 5 and 1%, respectively. t-Statistics in parentheses
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