Table 8.

Robustness tests: replacement of explanatory variables.

	(1)	(2)	(3)
$Variables$	$illiq\_y$	$illiq\_y$	$illiq\_y$
$FLS100$	−0.0025 (0.0081)	0.0020 (0.0065)	−0.0189*** (0.0067)
$Shrcr1$		0.0004*** (0.0000)	0.0003*** (0.0000)
$Insi$		0.0002*** (0.0000)	0.0002*** (0.0000)
$Lev$		−0.0112*** (0.0018)	−0.0134*** (0.0018)
$Size$		−0.0342*** (0.0004)	−0.0298*** (0.0004)
$lnvprc$		−0.0048 (0.0050)	0.0111** (0.0044)
$Age$		−0.0105*** (0.0016)	−0.0101*** (0.0015)
$Poid$		0.0094** (0.0046)	0.0160*** (0.0043)
$Volat$		−0.0923** (0.0393)	−0.2027*** (0.0736)
Constant term	0.0695*** (0.0039)	0.8357*** (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	0.4935

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