Table 10 Excluding samples with extreme...

Table 10

Excluding samples with extreme DM values

Variable	DM
Open	0.0519^**
Open	(2.43)
Size	0.1102^***
Size	(12.58)
ROA	0.0246
ROA	(0.35)
Growth	−0.0064^*
Growth	(−1.72)
Lev	0.1450^***
Lev	(4.24)
AM	0.0523
AM	(1.21)
CFO	0.0793^**
CFO	(1.98)
Top1	0.0015^***
Top1	(2.87)
Dual	−0.0125
Dual	(−1.43)
QFII	0.1267
QFII	(0.15)
Constant	−2.2467^***
Constant	(−11.75)
Firm FE	0.0519^**
Year FE	(2.43)
R²	0.1163
N	9,828

Variable	DM
Open	0.0519^**
Open	(2.43)
Size	0.1102^***
Size	(12.58)
ROA	0.0246
ROA	(0.35)
Growth	−0.0064^*
Growth	(−1.72)
Lev	0.1450^***
Lev	(4.24)
AM	0.0523
AM	(1.21)
CFO	0.0793^**
CFO	(1.98)
Top1	0.0015^***
Top1	(2.87)
Dual	−0.0125
Dual	(−1.43)
QFII	0.1267
QFII	(0.15)
Constant	−2.2467^***
Constant	(−11.75)
Firm FE	0.0519^**
Year FE	(2.43)
R²	0.1163
N	9,828

Note(s): This table presents the regression results after excluding samples with the extreme DM values of 0 or 1. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Table by authors

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