TABLE 5.

Results of robustness check using an alternative dependent measurement.

	(1)	(2)	(3)	(4)
	RD	RD	PAT2	PAT2
FB	−0.003***	−0.004***	−0.087*	−0.157***
	(−5.13)	(−5.83)	(−1.74)	(−2.84)
FB*MO		0.011**		1.101***
		(2.18)		(3.04)
MO		0.007***		0.481***
		(5.02)		(4.91)
ROA	0.018***	0.016***	1.996***	1.878***
	(5.29)	(4.79)	(11.84)	(11.09)
LEV	0.002	0.002*	0.039	0.056
	(1.49)	(1.68)	(0.49)	(0.70)
SIZE	−0.001***	−0.001***	0.218***	0.220***
	(−5.01)	(−4.84)	(13.61)	(13.74)
SOE	−0.002***	−0.002***	0.021	0.035
	(−3.93)	(−3.41)	(0.63)	(1.06)
FAGE	−0.004***	−0.003***	−0.297***	−0.280***
	(−6.24)	(−5.80)	(−7.17)	(−6.75)
INSHOLD	0.001	0.003***	−0.113**	−0.003
	(1.20)	(3.09)	(−2.11)	(−0.05)
SALEGRO	0.001*	0.001	−0.123***	−0.129***
	(1.70)	(1.56)	(−3.61)	(−3.78)
Tobin’s Q	0.003***	0.003***	0.044***	0.045***
	(13.25)	(13.29)	(3.64)	(3.72)
IDRATIO	−0.004	−0.005	0.032	−0.023
	(−1.32)	(−1.59)	(0.11)	(−0.08)
BSIZE	0.001	0.0002	0.034**	0.034**
	(1.54)	(1.56)	(3.25)	(3.28)
IND	yes	yes	yes	yes
YEAR	yes	yes	yes	yes
Constant	0.042***	0.040***	−4.438***	−4.595***
	(9.42)	(8.90)	(−11.19)	(−11.54)
F-value	203.68***	196.6***	66.46***	64.45***
Adj. R2	0.365	0.367	0.192	0.195
N	12,248	12,248	12,248	12,248

t statistics in parentheses; *p < 0.1, **p < 0.05, and ***p < 0.01; heteroskedasticity robust standard errors are used.