(1)

(2)

(3)

VARIABLES

ROA

net=0

net=1

sticky

−0.007^***

−0.009^***

−0.005^***

(−5.46)

(−4.93)

(−2.76)

size

0.011^***

0.010^***

0.012^***

(12.11)

(9.22)

(8.12)

lev

−0.146^***

−0.141^***

−0.155^***

(−18.91)

(−16.27)

(−11.22)

cap

−0.004^***

−0.005^***

−0.003^***

(−6.42)

(−5.40)

(−4.00)

cashflow

0.201^***

0.175^***

0.228^***

(13.81)

(8.67)

(10.93)

top1

0.013^***

0.016^***

0.012

(2.60)

(2.58)

(1.48)

Constant

−0.134^***

−0.110^***

−0.173^***

(−8.03)

(−5.38)

(−6.22)

Observations

4,792

2,563

2,229

R-squared

0.325

0.362

0.305

industry FE

YES

YES

YES

year FE

YES

YES

YES