Table 6 Excluding financial crisis period

CPAO_t−1

− 0.255***

− 0.127***

− 0.068***

(0.000)

(0.000)

(0.001)

DTURN_t−1

0.181***

0.092***

0.065***

(0.001)

(0.005)

(0.001)

NCSKEW_t−1

0.075***

0.054***

0.033***

(0.000)

(0.000)

(0.000)

SIGMA_t−1

− 3.637***

− 1.040***

− 0.592***

(0.000)

(0.000)

(0.000)

RET_t−1

17.724***

15.048***

10.381***

(0.000)

(0.000)

(0.000)

SIZE_t−1

0.036***

0.070***

0.044***

(0.000)

(0.000)

(0.000)

MB_t−1

0.014***

0.027***

0.024***

(0.000)

(0.000)

(0.000)

LEV_t−1

− 0.173***

− 0.172***

− 0.120***

(0.000)

(0.000)

(0.000)

ROA_t−1

0.131***

0.039***

0.012

(0.000)

(0.006)

(0.126)

ACC_t−1

0.035

− 0.004

0.000

(0.176)

(0.765)

(0.982)

R&D_t−1

0.007

− 0.067*

− 0.116***

(0.920)

(0.055)

(0.000)

R&D_MISSING_t−1

− 0.077***

0.001

0.012

(0.002)

(0.950)

(0.102)

KUR_t−1

0.030***

0.003**

0.002*

(0.000)

(0.016)

(0.089)

GW_t−1

0.197**

0.089**

0.044*

(0.014)

(0.016)

(0.094)

LOG_FIRM_AGE_t−1

− 0.148***

− 0.091***

− 0.059***

(0.000)

(0.000)

(0.000)

Constant

− 1.293***

− 0.203***

− 0.147***

(0.000)

(0.001)

(0.004)

Year FE

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Observations

78,398

78,398

78,398

Pseudo/Adj. R²

0.033

0.061

0.059