(1)

(2)

VARIABLES

EOR

EOR

ER

−0.879***

−0.874***

(−15.09)

(−15.04)

Fanpm

−0.000***

(−10.03)

ROIC

0.000***

(5.31)

Fagr

−0.000**

(−2.22)

Opgr

−0.000***

(−6.86)

Ci

0.000***

(2.70)

Gr

0.000**

(2.12)

Constant

0.053***

0.053***

(84.82)

(84.64)

N

10,889

10,889

R2

0.027

0.031