Table 6 Interactive effects

Ad

−0.780^a (−2.65)

−0.508 (−1.64)

0.393 (0.71)

−0.740^b (−2.29)

Ad×RD

−0.168^b (−1.96)

RD

−0.004 (−0.78)

Ad×DISPEN

−0.999^a (−2.86)

DISPEN

−0.036 (−1.03)

Ad×ILLIQ

−0.986^a (−2.69)

ILLIQ

−0.010 (−0.60)

Ad×CONSU

−1.167^b (−2.25)

CONSU

−0.040 (−1.44)

Debt

−0.242^a (−4.02)

−0.254^a (−3.96)

−0.254^a (−4.19)

−0.250^a (−4.10)

Size

0.015 (0.92)

−0.017 (−1.29)

0.015 (0.98)

0.015 (0.92)

Mb

−0.043^b (−2.41)

−0.082^a (−7.21)

−0.043^b (−2.37)

−0.044^b (−2.34)

Turnover

−0.109^a (−12.27)

−0.112^a (−11.27)

−0.108^a (−12.17)

−0.109^a (−12.24)

Big4

−0.137^a (−3.28)

−0.121^a (−2.86)

−0.136^a (−3.25)

−0.135^a (−3.20)

Age

0.052^a (2.98)

0.067^a (3.73)

0.048^a (2.72)

0.050^a (2.83)

Roa

−0.001 (−0.01)

−0.306 (−1.36)

−0.045 (−0.23)

−0.027 (−0.14)

Institution

−0.228^a (−4.41)

−0.226^a (−4.77)

−0.238^a (−4.62)

−0.234^a (−4.39)

Top1

−0.183^a (−2.73)

−0.195^a (−2.84)

−0.172^b (−2.57)

−0.173^b (−2.57)

Msh

0.017 (0.84)

−0.011 (−0.52)

0.015 (0.73)

0.014 (0.70)

Independent

0.120 (0.77)

0.097 (0.60)

0.076 (0.49)

0.080 (0.51)

_Cons

0.276 (0.74)

1.010^a (3.27)

0.291 (0.79)

0.350 (0.90)

Year fixed effects

Yes

Yes

Yes

Yes

Industry fixed effects

Yes

Yes

Yes

Yes

No. of obs.

9,350

7,946

9,360

9,324

Adj. R²

0.327

0.338

0.325

0.325