TABLE 5.
Variables | SUSGR (1) | SUSGR (2) | MNGR (3) | MNGR (4) |
CGCEO*NSUPV | −0.000317* | −0.000321* | −2.82e-05** | −2.32e-05* |
(0.000177) | (0.000183) | (1.25e-05) | (1.26e-05) | |
EPS | 0.197*** | 0.194*** | 0.0992** | 0.0981** |
(0.0493) | (0.0505) | (0.0344) | (0.0342) | |
Leverage | −0.553* | −0.510* | −0.415* | −0.432* |
(0.291) | (0.295) | (0.107) | (0.116) | |
LNTA | 0.102** | 0.110** | 0.143*** | 0.153*** |
(0.0214) | (0.0237) | (0.0469) | (0.0471) | |
SOE | 0.0376 | 0.0401 | –0.0980 | –0.102 |
(0.109) | (0.110) | (0.0841) | (0.0836) | |
Fage | –0.00330 | –0.00678 | 0.00272 | 0.000299 |
(0.0129) | (0.0130) | (0.00938) | (0.00913) | |
Dual | –0.111 | –0.0807 | –0.0762 | –0.0694 |
(0.149) | (0.146) | (0.108) | (0.107) | |
LNEMP | 0.264 | 0.263 | −0.0807* | −0.0819* |
(0.161) | (0.164) | (0.0421) | (0.0420) | |
IndustryDummy | Included | Included | Included | Included |
YearDummy | Included | Included | Included | Included |
Constant | −4.058*** | −4.445*** | −4.037*** | −4.058*** |
(1.404) | (1.491) | (0.858) | (0.855) | |
Observations | 1,380 | 1,390 | 1,274 | 1,281 |
R-squared | 1.407 | 1.407 | 0.086 | 0.086 |
Standard errors in parentheses: ***p < 0.01, **p < 0.05, *p < 0.1.