	(1)	(2)
	\|REM\|	\|REM\|
Group_N	−0.0072^***
Group_N	(−2.87)
$G r o u p_{N}^{2}$	0.0003^**
$G r o u p_{N}^{2}$	(2.12)
PSBR		−0.0186^***
PSBR		(−3.45)
Size	−0.0098^***	−0.0089^***
Size	(−4.92)	(−4.46)
Lev	0.0004^***	0.0004^***
Lev	(5.93)	(5.90)
Roa	0.0013^***	0.0013^***
Roa	(6.83)	(6.76)
Ownership	0.0007^***	0.0007^***
Ownership	(3.93)	(4.18)
Opinion	−0.0117	−0.0106
Opinion	(−0.86)	(−0.78)
Market	0.0014	0.0015
Market	(0.96)	(1.02)
_cons	0.3778^***	0.3449^***
_cons	(8.12)	(7.50)
Industry	Control	Control
Year	Control	Control
R²	0.0653	0.0652
Adj.R²	0.0582	0.0584
N	4157	4157