TABLE 3.

Robustness tests I: substitution of explanatory variables.

Variables	RD	RD	RD
	(1)	(2)	(3)
GCL	2.134***	1.937***	2.735***
	(36.53)	(33.96)	(23.90)
lnAge		–1.744***	2.729***
		(–20.10)	(2.98)
lnCash		0.081**	0.073**
		(2.38)	(2.33)
lnRoa		–0.118	–0.135**
		(–1.58)	(–2.18)
lnTang		0.244	0.211
		(0.91)	(0.70)
lnLev		–0.748***	–0.211***
		(–10.43)	(–2.86)
lnRoe		0.139***	0.050
		(2.77)	(1.21)
Control	No	Yes	Yes
Year Effects	No	No	Yes
Individual Effects	No	No	Yes
Observations	7,014	7,014	7,014
R-squared	0.160	0.286	0.701

t-statistics in parentheses, *** p < 0.01, ** p < 0.05, * p < 0.1.