(1)

(2)

(3)

(4)

DIS

DIS

DIS

DIS

TOP

−0.0415^*

(−1.77)

SHRS

−0.0128

(−0.66)

SN

−0.0422^**

(−2.26)

IDR

0.00695

(0.34)

CS

−0.245^***

−0.255^***

−0.249^***

−0.256^***

(−9.43)

(−9.76)

(−9.48)

(−9.78)

FL

0.121^***

0.120^***

0.117^***

0.119^***

(4.19)

(4.11)

(4.01)

(4.10)

ROA

−0.0841^***

−0.0865^***

−0.0872^***

−0.0859^***

(−3.28)

(−3.33)

(−3.38)

(−3.32)

_cons

2.048^***

2.048^***

2.048^***

2.048^***

(91.26)

(91.09)

(91.35)

(91.08)

N

1287

1287

1287

1287

adj.R-sq

0.184

0.181

0.185

0.181