(1)

(2)

(3)

(4)

(5)

dig

dig

dig

dig

Dig

gap

2.493^***

2.497^***

2.267^***

1.635^***

(0.56)

(0.562)

(0.49)

(0.45)

tol

0.018

−1.458^***

(0.138)

(0.198)

interact

0.691^***

(0.074)

Size

0.32^***

0.231^***

0.231^***

0.097^*

0.128^***

(0.059)

(0.061)

(0.061)

(0.055)

(0.048)

Age

0.006

0.001

0.001

−0.012

−0.001

(0.012)

(0.011)

(0.011)

(0.01)

(0.009)

Soe

0.009

0.031

0.03

0.283^**

−0.43^***

(0.144)

(0.14)

(0.14)

(0.125)

(0.111)

Roa

0.794

0.027

0.042

−1.584

−1.134

(1.859)

(1.808)

(1.815)

(1.591)

(1.411)

Roe

−0.059

−0.043

−0.045

0.254

0.171

(0.293)

(0.284)

(0.285)

(0.25)

(0.222)

Dual

0.497^***

0.571^***

0.569^***

0.378^***

0.26^**

(0.148)

(0.145)

(0.145)

(0.128)

(0.114)

Lev

−0.272

0.012

0.024

0.202

0.77^**

(0.388)

(0.381)

(0.392)

(0.342)

(0.301)

Growth

−0.003

0.008

0.008

−0.001

0.023

(0.02)

(0.019)

(0.019)

(0.017)

(0.015)

Lhr

0.005

0.004

0.004

0.003

0.003

(0.005)

(0.005)

(0.005)

(0.004)

(0.004)

Cf

1.089^*

1.391^**

1.387^**

0.946^*

−0.189

(0.64)

(0.623)

(0.625)

(0.547)

(0.489)

_cons

−6.461^***

−7.604^***

−7.601^***

−4.377^***

−4.789^***

(1.137)

(1.13)

(1.132)

(1.045)

(0.914)

year

control

control

control

control

control

Observations

299

299

299

299

293

R-squared

0.481

0.515

0.515

0.633

0.435