(1)

(2)

(3)

(4)

(5)

ROA

IB

ROA

Manex

ROA

EPU

−0.0432^***

−0.0827^***

−0.0343^***

−0.0216^***

−0.0360^***

(0.01)

(0.02)

(0.01)

(0.00)

(0.01)

DPL

0.1157

0.3598

0.0837

0.2734^***

0.0392

(0.09)

(0.41)

(0.08)

(0.08)

(0.09)

IB

0.1061^***

(0.02)

Manex

0.2961^***

(0.09)

Size

0.0026

−0.2386

0.0358

0.7370^***

−0.2167^**

(0.08)

(0.22)

(0.08)

(0.06)

(0.10)

Shbor10

−0.0020^*

−0.0040

−0.0016

−0.0010

−0.0018

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Pergdp

−0.3721^***

0.0957

−0.4016^***

0.2226^**

−0.4372^***

(0.13)

(0.27)

(0.11)

(0.10)

(0.12)

M2

0.3425

3.8660^**

−0.0277

0.6462^**

0.1784

(0.53)

(1.68)

(0.49)

(0.31)

(0.53)

CPI

5.7923^***

0.2397

5.8298^***

−1.8638^*

6.3285^***

(1.59)

(3.71)

(1.41)

(1.01)

(1.58)

_cons

1.1146

7.2368

0.1421

0.6939

0.9166

(2.19)

(5.08)

(1.93)

(1.51)

(2.06)

Fixed-Effect

Y

Y

Y

Y

Y

N

1268

1259

1259

1267

1267

R²

0.2755

0.1161

0.3494

0.9670

0.2695

F

33.70

24.16

42.78

278.88

30.41