VARIABLES | (1) | (2) | (3) | (4) | (5) | (6) |
opr | L.opr | L2.opr | L3.opr | L4.opr | L5.opr | |
RD | −0.007*** | −0.004*** | −0.003*** | 0.001** | 0.003*** | 0.004*** |
| (−3.80) | (−4.13) | (−2.87) | (2.48) | (4.86) | (5.76) |
size | 0.064*** | 0.057*** | 0.066*** | 0.042*** | 0.038*** | 0.034*** |
| (5.36) | (11.94) | (14.03) | (13.52) | (11.83) | (9.83) |
lev | −0.643*** | −0.461*** | −0.507*** | −0.298*** | −0.266*** | −0.251*** |
| (−6.26) | (−19.07) | (−21.62) | (−19.48) | (−16.83) | (−15.18) |
grow | 0.013 | −0.002 | 0.000 | −0.001 | −0.015*** | −0.003 |
| (1.38) | (−0.45) | (0.14) | (−0.59) | (−7.94) | (−1.64) |
nature | 0.018** | −0.007 | −0.019* | −0.039*** | −0.044*** | −0.041*** |
| (2.16) | (−0.69) | (−1.87) | (−5.83) | (−6.29) | (−5.50) |
in_dire | −0.106 | −0.117* | −0.081 | −0.083* | −0.048 | −0.021 |
| (−1.63) | (−1.65) | (−1.16) | (−1.83) | (−1.01) | (−0.42) |
shrcr | 0.002*** | 0.002*** | 0.002*** | 0.001*** | 0.001*** | 0.001*** |
| (7.16) | (7.83) | (7.10) | (6.96) | (5.59) | (4.44) |
Constant | −1.134*** | −1.076*** | −1.249*** | −0.758*** | −0.697*** | −0.605*** |
| (−4.68) | (−10.09) | (−11.95) | (−11.04) | (−9.72) | (−7.96) |
Observations | 3,685 | 3,350 | 3,015 | 2,680 | 2,345 | 2,010 |
r2_a | 0.207 | 0.132 | 0.169 | 0.174 | 0.179 | 0.155 |
F | 14.65 | 73.71 | 88.64 | 81.84 | 73.92 | 53.52 |