(1)

(2)

Dig

dig

gap

1.635^***

(0.45)

l.gap

2.668^***

(0.603)

Size

0.128^***

0.216^***

(0.048)

(0.064)

Age

−0.001

0.012

(0.009)

(0.012)

Soe

−0.43^***

−0.108

(0.111)

(0.148)

Roa

−1.134

0.263

(1.411)

(1.884)

Roe

0.171

−0.033

(0.222)

(0.287)

Dual

0.26^**

0.627^***

(0.114)

(0.154)

Lev

0.77^**

0.232

(0.301)

(0.416)

Growth

0.023

0.036

(0.015)

(0.028)

Lhr

0.003

0.006

(0.004)

(0.005)

Cf

−0.189

1.341^*

(0.489)

(0.69)

_cons

−4.789^***

−7.677^***

(0.914)

(1.177)

year

control

control

Observations

293

252

R-squared

0.435

0.54