Table 5.
The effects of EID on EP.
|
VARIABLES |
(1) |
(2) |
(3) |
(4) |
|---|---|---|---|---|
| EP | EP | EP HP |
EP NHP |
|
| EID | 0.0117*** | 0.0110*** | 0.0085*** | 0.0126*** |
| (5.3904) | (5.1005) | (2.7145) | (4.3791) | |
| State | 0.2776** | 0.4259* | 0.1871 | |
| (2.4224) | (1.7432) | (1.4366) | ||
| Leverage | −0.1252 | 0.0115 | −0.1242 | |
| (-0.8621) | (0.0488) | (-0.6800) | ||
| Size | 0.1221*** | 0.1100 | 0.1379*** | |
| (2.9076) | (1.5396) | (2.7190) | ||
| Growth | −0.0759*** | −0.0006 | −0.0904*** | |
| (-3.4890) | (-0.0119) | (-3.6486) | ||
| Holder1 | −0.0012 | −0.0001 | −0.0015 | |
| (-0.4950) | (-0.0172) | (-0.4492) | ||
| Constant | 0.6598*** | 0.1815 | −0.0273 | 0.2161 |
| (14.4483) | (0.8785) | (-0.0814) | (0.8203) | |
| Obs | 10,402 | 10,402 | 3289 | 7113 |
| R2 | 0.097 | 0.102 | 0.121 | 0.097 |
| Firms | 1125 | 1125 | 373 | 812 |
| Firm FE | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES |
Note: t-statistics are presented in parentheses. *, ** and *** represent significance levels of 10 %, 5 % and 1 %, respectively.