Skip to main content

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

From: The capital market spillover effect of product market advertising: Evidence from stock price synchronicity

Variable  (1)(2)(3)
SynSynSyn
Ad_1−1.888a (−4.45)  
Ad_2 −0.012a (−2.91) 
Ad  −0.887b (−2.05)
Debt−0.247a (−4.04)−0.244a (−3.96)−0.046 (−0.48)
Size0.015 (0.97)0.027 (1.63)−0.133a (−4.24)
Mb−0.043b (−2.35)−0.045b (−2.37)−0.050a (−3.35)
Turnover−0.109a (−12.28)−0.107a (−12.09)−0.209a (−20.20)
Big4−0.136a (−3.22)−0.135a (−3.22)−0.027 (−0.32)
Age0.051a (2.89)0.045b (2.54)0.189a (2.61)
Roa0.009 (0.04)−0.042 (−0.21)0.693a (3.03)
Institution−0.229a (−4.44)−0.234a (−4.46)−0.443a (−6.81)
Top1−0.172a (−2.59)−0.180a (−2.70)−0.281c (−1.81)
Msh0.015 (0.77)0.017 (0.82)0.041 (1.29)
Independent0.078 (0.50)0.081 (0.52)0.052 (0.21)
_Cons0.255 (0.68)0.189 (0.50)3.780a (5.46)
Year fixed effectsYesYesYes
Industry fixed effectsYesYesYes
Firm fixed effectsNoNoYes
No. of obs.9,3609,3609,360
Adj. R20.3240.3230.398
  1. Notes. Numbers in parentheses are t-statistics based on standard errors clustered by firm when we control for year and industry effects
  2. a, b, and c denote statistical significance at the 1%, 5%, and 10% levels, respectively