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Table 8 Additional control variables

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

Variable (1)(2)
SynSyn
Ad−1.070a (−3.97)−1.063a (−3.94)
Debt−0.260a (−4.27)−0.263a (−4.32)
Size0.017 (1.03)0.017 (1.06)
Mb−0.043b (−2.38)−0.044b (−2.40)
Turnover−0.109a (−12.28)−0.108a (−12.16)
Big4−0.135a (−3.24)−0.136a (−3.24)
Age0.050a (2.84)0.050a (2.83)
Roa−0.051 (−0.26)−0.048 (−0.24)
Institution−0.241a (−4.67)−0.240a (−4.63)
Top1−0.183a (−2.74)−0.179a (−2.68)
Msh0.014 (0.68)0.014 (0.68)
Independent0.088 (0.56)0.079 (0.51)
HHI−0.687a (−2.64) 
Indn 1.674c (1.96)
_Cons0.314 (0.84)0.242 (0.65)
Year fixed effectsYesYes
Industry fixed effectsYesYes
No. of obs.9,3609,360
Adj. R20.3250.324
  1. Notes. Numbers in parentheses are t-statistics based on standard errors clustered by firm when we control for year and industry effects. a, b, and c denote statistical significance at the 1%, 5%, and 10% levels, respectively