VARIABLES

ROE

Model 1

Model 2

Model 3

L.rd

−0.009^*

−0.008

−0.039^*

(−1.68)

(−1.63)

(−1.83)

L.first

0.002^***

0.002^**

(2.72)

(2.39)

L.first_L.rd

0.001

(1.48)

Lev

−0.062^*

−0.066^*

−0.074^**

(−1.71)

(−1.85)

(−2.05)

Cash

−0.007^**

−0.007^**

−0.005

(−2.40)

(−2.42)

(−1.56)

At

0.135^***

0.125^***

0.125^***

(4.01)

(3.72)

(3.72)

Growth

0.039^***

0.042^***

0.042^***

(4.13)

(4.47)

(4.38)

Year

YES

YES

YES

R²

0.155

0.171

0.176