Table 9.

Robustness test: enterprise fixed effects.

	(1)	(2)	(3)
$Variables$	$illiq\_y$	$illiq\_y$	$illiq\_y$
$FLS200$	−0.0117 (0.0085)	−0.0035 (0.0057)	−0.0136* (0.0079)
$Shrcr1$		0.0004*** (0.0000)	0.0004*** (0.0001)
$Insi$		0.0002*** (0.0000)	0.0004*** (0.0000)
$Lev$		−0.0112*** (0.0018)	−0.0232*** (0.0036)
$Size$		−0.0342*** (0.0004)	−0.0365*** (0.0011)
$lnvprc$		−0.0050 (0.0050)	0.0115 (0.0086)
$Age$		−0.0105*** (0.0016)	0.1358** (0.0577)
$Poid$		0.0096** (0.0046)	0.0014 (0.0051)
$Volat$		−0.0919** (0.0393)	−0.3768*** (0.0839)
Constant term	0.0334*** (0.0089)	0.8383*** (0.0109)	0.4650** (0.2081)
Time fixed effects	YES	NO	YES
Enterprise fixed effects	YES	NO	YES
Sample size	14,280	14,280	14,280
$R2$	0.5593	0.3955	0.6362

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