Table 5 Alternative measure of advertising and controlling for firm fixed effects

Ad_1

−1.888^a (−4.45)

Ad_2

−0.012^a (−2.91)

Ad

−0.887^b (−2.05)

Debt

−0.247^a (−4.04)

−0.244^a (−3.96)

−0.046 (−0.48)

Size

0.015 (0.97)

0.027 (1.63)

−0.133^a (−4.24)

Mb

−0.043^b (−2.35)

−0.045^b (−2.37)

−0.050^a (−3.35)

Turnover

−0.109^a (−12.28)

−0.107^a (−12.09)

−0.209^a (−20.20)

Big4

−0.136^a (−3.22)

−0.135^a (−3.22)

−0.027 (−0.32)

Age

0.051^a (2.89)

0.045^b (2.54)

0.189^a (2.61)

Roa

0.009 (0.04)

−0.042 (−0.21)

0.693^a (3.03)

Institution

−0.229^a (−4.44)

−0.234^a (−4.46)

−0.443^a (−6.81)

Top1

−0.172^a (−2.59)

−0.180^a (−2.70)

−0.281^c (−1.81)

Msh

0.015 (0.77)

0.017 (0.82)

0.041 (1.29)

Independent

0.078 (0.50)

0.081 (0.52)

0.052 (0.21)

_Cons

0.255 (0.68)

0.189 (0.50)

3.780^a (5.46)

Year fixed effects

Yes

Yes

Yes

Industry fixed effects

Yes

Yes

Yes

Firm fixed effects

No

No

Yes

No. of obs.

9,360

9,360

9,360

Adj. R²

0.324

0.323

0.398