VARIABLES

ROA

Model 1

Model 2

Model 3

L.rd

−0.007^*

−0.007^*

−0.042^***

(−1.80)

(−1.76)

(−2.59)

L.first

0.001^**

0.001^*

(2.28)

(1.82)

L.first_L.rd

0.001^**

(2.23)

Lev

−0.129^***

−0.132^***

−0.142^***

(−4.65)

(−4.77)

(−5.08)

Cash

−0.006^***

−0.006^***

−0.004

(−2.81)

(−2.82)

(−1.61)

At

0.100^***

0.094^***

0.094^***

(3.87)

(3.61)

(3.62)

Growth

0.028^***

0.030^***

0.029^***

(3.84)

(4.12)

(4.00)

Year

Yes

YES

YES

R²

0.195

0.206

0.216