Table 2 Baseline regression results (1)...

Table 2

Baseline regression results

	(1)	(2)	(3)	(4)	(5)	(6)	7
Dependent variable	DD	DD	DD	DD	DD	DD	DD
DIR	−0.005***			−0.008***
DIR	(−4.362)			(−9.013)
CEOIR		−0.003**			−0.012***
CEOIR		(−2.302)			(−10.559)
EMPIR			−0.033***			−0.007**
EMPIR			(−5.338)			(−2.407)
INSIDER							−0.005***
INSIDER							(0.001)
LNS				0.146***	0.124***	0.158***	0.122***
LNS				(19.634)	(15.701)	(21.754)	(0.008)
K/S				0.767***	0.756***	0.779***	0.754***
K/S				(19.734)	(18.275)	(20.044)	(0.041)
Y/S				5.230***	5.177***	5.171***	5.163***
Y/S				(31.092)	(28.914)	(30.692)	(0.179)
R&D/K				0.012***	0.009**	0.012***	0.009**
R&D/K				(3.170)	(2.277)	(3.152)	(0.004)
RDUM				0.335	0.116	0.403	0.106
RDUM				(0.560)	(0.190)	(0.673)	(0.614)
I/K				−0.094***	−0.091***	−0.101***	−0.096***
I/K				(−3.737)	(−3.539)	(−4.027)	(0.026)
ROA				0.031***	0.031***	0.029***	0.031***
ROA				(16.587)	(15.841)	(15.720)	(0.002)
LEVERAGE				−5.800***	−5.789***	−5.857***	−5.795***
LEVERAGE				(−95.521)	(−88.926)	(−96.919)	(0.065)
Age				0.026*	0.017	0.066***	0.014
Age				(1.834)	(1.120)	(4.936)	(0.016)
Constant	4.538***	4.510***	4.589***	2.807***	3.258***	2.463***	3.317***
Constant	(404.505)	(427.876)	(247.483)	(4.626)	(5.224)	(4.062)	(0.624)
Observations	40,655	35,337	40,927	36,116	31,618	36,152	31,618
R-squared	0.783	0.801	0.782	0.541	0.546	0.540	0.545
Firm fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes

	(1)	(2)	(3)	(4)	(5)	(6)	7
Dependent variable	DD	DD	DD	DD	DD	DD	DD
DIR	−0.005***			−0.008***
DIR	(−4.362)			(−9.013)
CEOIR		−0.003**			−0.012***
CEOIR		(−2.302)			(−10.559)
EMPIR			−0.033***			−0.007**
EMPIR			(−5.338)			(−2.407)
INSIDER							−0.005***
INSIDER							(0.001)
LNS				0.146***	0.124***	0.158***	0.122***
LNS				(19.634)	(15.701)	(21.754)	(0.008)
K/S				0.767***	0.756***	0.779***	0.754***
K/S				(19.734)	(18.275)	(20.044)	(0.041)
Y/S				5.230***	5.177***	5.171***	5.163***
Y/S				(31.092)	(28.914)	(30.692)	(0.179)
R&D/K				0.012***	0.009**	0.012***	0.009**
R&D/K				(3.170)	(2.277)	(3.152)	(0.004)
RDUM				0.335	0.116	0.403	0.106
RDUM				(0.560)	(0.190)	(0.673)	(0.614)
I/K				−0.094***	−0.091***	−0.101***	−0.096***
I/K				(−3.737)	(−3.539)	(−4.027)	(0.026)
ROA				0.031***	0.031***	0.029***	0.031***
ROA				(16.587)	(15.841)	(15.720)	(0.002)
LEVERAGE				−5.800***	−5.789***	−5.857***	−5.795***
LEVERAGE				(−95.521)	(−88.926)	(−96.919)	(0.065)
Age				0.026*	0.017	0.066***	0.014
Age				(1.834)	(1.120)	(4.936)	(0.016)
Constant	4.538***	4.510***	4.589***	2.807***	3.258***	2.463***	3.317***
Constant	(404.505)	(427.876)	(247.483)	(4.626)	(5.224)	(4.062)	(0.624)
Observations	40,655	35,337	40,927	36,116	31,618	36,152	31,618
R-squared	0.783	0.801	0.782	0.541	0.546	0.540	0.545
Firm fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Note(s): Table 2 presents estimation results of Equation (3) using firm fixed effect model. The dependent variable is DD. Columns 1–3 shows results without the control variables. Columns 4–6 include the control variables. T-statistics are in parentheses. Definitions of all variables are provided in Appendix. Superscripts ***, ** and * denote statistical significance at 1, 5 and 10% level, respectively

Source(s): Table created by the authors

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