Table 5.

Baseline regression analysis.

	(1)	(2)	(3)
$Variables$	$illiq\_y$	$illiq\_y$	$illiq\_y$
$FLS200$	−0.0051 (0.0072)	−0.0035 (0.0057)	−0.0163*** (0.0060)
$Shrcr1$		0.0004*** (0.0000)	0.0003*** (0.0000)
$Insi$		0.0002*** (0.0000)	0.0002*** (0.0000)
$Lev$		−0.0112*** (0.0018)	−0.0133*** (0.0018)
$Size$		−0.0342*** (0.0004)	−0.0298*** (0.0004)
$lnvprc$		−0.0050 (0.0050)	0.0114*** (0.0044)
$Age$		−0.0105*** (0.0016)	−0.0101*** (0.0015)
$Poid$		0.0096** (0.0046)	0.0161*** (0.0043)
$Volat$		−0.0919** (0.0393)	−0.2004*** (0.0737)
Constant term	0.0709*** (0.0042)	0.8383*** (0.0109)	0.7486*** (0.0120)
Time fixed effects	YES	NO	YES
Industry fixed effects	YES	NO	YES
Sample size	14,280	14,280	14,280
$R2$	0.2384	0.3955	0.4934

Note: (1) *, **, *** indicate significant at the 10%, 5%, and 1% levels, respectively; (2) Robust standard errors are in parentheses.