Table 13 Two-stage Least Squares (2SLS) Regression Result

FIT-CPQS

− 6.761^***

− 29.046^*

(0.803)

(15.536)

CPQS_t-1

0.599^***

(0.026)

MCPQS

0.006^**

(0.025)

TSHARE

0.004

0.002

0.030

(0.007)

(0.001)

(0.026)

SHRHFD5

− 4.123^**

− 1.151^***

11.938

(1.877)

(0.296)

(7.678)

TO

− 13.394^***

− 6.867^***

− 16.228

(4.082)

(0.804)

(14.274)

RET

− 1.927^*

0.859^***

1.224

(1.071)

(0.186)

(3.532)

FREE

0.030^**

0.004^*

0.028

(0.014)

(0.002)

(0.050)

VOL

0.176

− 0.021

− 0.113

(0.166)

(0.042)

(0.828)

EARN

2.155

− 0.025

9.682^*

(1.411)

(0.542)

(5.338)

INTAN

5.627^***

0.635^***

− 1.820

(1.960)

(0.191)

(3.701)

LEV

− 7.771^***

1.285^***

3.037

(0.988)

(0.204)

(3.931)

ROE

− 13.982^***

0.574

− 4.513

(2.583)

(0.387)

(4.823)

Q

0.472^***

− 0.008

− 0.237

(0.084)

(0.017)

(0.290)

BTM

− 2.687^***

0.846^***

8.085^**

(0.852)

(0.208)

(3.842)

CAPITAL

7.428^***

2.056^***

24.837^**

(2.317)

(0.499)

(10.575)

SALES

− 0.014^***

0.001^*

0.010

(0.003)

(0.001)

(0.011)

lnAGE

− 0.704

− 0.098

0.188

(0.546)

(0.076)

(1.656)

CONSTANT

0.074^***

18.191^***

− 1.267

(0.017)

(0.413)

(6.966)

Year dummies

Yes

Yes

Yes

Industry dummies

Yes

Yes

Yes

N

1538

1538

1538

Adj.R²

0.675

0.350

0.022