M1

M2

M3

C

0.0681^***

0.0145^***

0.0156^***

(36.06)

(5.15)

(5.43)

CROSS

−0.0125^**

−0.0086^*

(−2.30)

(−1.95)

LEV

0.0799^***

0.0798^***

(21.00)

(20.97)

ROA

0.0042^***

0.0042^***

(40.56)

(40.60)

GROWTH

0.0022^***

0.0022^***

(6.95)

(6.93)

CFO

−0.2120^***

−0.2107^***

(−17.50)

(−17.38)

PPE

0.0054^***

0.0054^***

(3.27)

(3.25)

R²

0.0011

0.3479

0.3484