Table 2 Baseline results.

Variables	GP	GP	GIP	GIP
	(1)	(2)	(3)	(4)
MA	3.458^**	3.906^***	2.694^***	2.957^***
	(2.568)	(2.780)	(3.130)	(3.216)
SIZE		2.598^***		1.393^***
		(3.950)		(3.485)
EMPLOY		1.777^***		1.143^***
		(3.150)		(2.732)
LEV		−3.850^***		−2.772^***
		(−2.743)		(−3.027)
ROA		1.592		0.090
		(1.350)		(0.126)
GRO		−0.033		−0.019
		(−1.612)		(−1.006)
LISTAGE		−1.360		−0.524
		(−0.614)		(−0.471)
PAY		0.302		0.317
		(0.485)		(0.693)
ASTURN		−0.956		−0.488
		(−1.492)		(−1.228)
DUAL		0.058		0.294
		(0.131)		(1.044)
TOP1		0.134		1.102
		(0.045)		(0.515)
INDEP		−1.180		−2.070
		(−0.231)		(−0.631)
Intercept	6.565^***	−53.440^**	3.499^***	−34.061^**
	(788.826)	(−1.986)	(657.671)	(−2.071)
Year FE	Yes	Yes	Yes	Yes
Firm FE	Yes	Yes	Yes	Yes
N	15,457	15,457	15,457	15,457
Adj. R²	0.648	0.653	0.624	0.629

Estimates are based on OLS regressions with standard errors adjusted for heteroscedasticity and clustered at the listed company level, and numbers reported are regression coefficients with t-statistics in parentheses. ^**, and ^*** indicate statistical significance at the 5%, and 1% levels, respectively, based on two-tailed tests. All continuous variables are winsorized at the 1st and 99th percentiles. Variable definitions are presented in Appendix A.

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