| (1) | (2) | (3) | (4) | (5) | (6) |
TFP_OP | TFP_OP | TFP_OP | TFP_OP | TFP_OP | TFP_OP | |
FINRATIO | −0.7477*** | −0.2484*** | 1.4812*** | 0.4605*** | 0.8530*** | −0.6154*** |
| (−6.6319) | (−3.6065) | (5.2781) | (2.9175) | (3.9186) | (−4.1571) |
FINRATIO2 |
|
| −8.3127*** | −2.6348*** |
|
|
|
|
| (−9.0002) | (−5.0102) |
|
|
Lev |
| 0.0046*** |
| 0.0046*** | 0.0044*** | 0.0069*** |
|
| (12.8698) |
| (13.0799) | (11.7664) | (5.6987) |
Liq |
| −0.0043** |
| −0.0037* | −0.0040* | −0.0039 |
|
| (−2.0777) |
| (−1.8128) | (−1.8977) | (−0.5641) |
Growth |
| 0.1011*** |
| 0.1019*** | 0.0985*** | 0.1361* |
|
| (6.3530) |
| (6.4194) | (6.1289) | (1.9353) |
Tobinq |
| 0.0446*** |
| 0.0427*** | 0.0402*** | 0.0672*** |
|
| (6.4148) |
| (6.1259) | (5.4641) | (2.9871) |
Roa |
| 2.2510*** |
| 2.2483*** | 2.2007*** | 2.4253*** |
|
| (26.2750) |
| (26.2868) | (24.1033) | (9.4253) |
Age |
| 0.0022*** |
| 0.0022*** | 0.0025*** | −0.0013 |
|
| (2.6466) |
| (2.6757) | (2.8605) | (−0.5239) |
Size |
| 0.5347*** |
| 0.5336*** | 0.5370*** | 0.4962*** |
|
| (107.5661) |
| (107.2546) | (102.8215) | (29.1656) |
Dual |
| −0.0219*** |
| −0.0223*** | −0.0284*** | 0.0095 |
|
| (−2.6677) |
| (−2.7077) | (−3.2565) | (0.3811) |
Insti |
| 0.0005** |
| 0.0005*** | 0.0005** | 0.0006 |
|
| (2.5482) |
| (2.6110) | (2.3429) | (1.0709) |
Top |
| 0.0021*** |
| 0.0021*** | 0.0022*** | 0.0027*** |
|
| (7.0060) |
| (7.0889) | (6.7841) | (3.1917) |
Supn |
| −0.0556** |
| −0.0532** | −0.0419 | −0.0527 |
|
| (−2.1036) |
| (−2.0165) | (−1.4914) | (−0.6695) |
Dir |
| −0.0541 |
| −0.0579 | −0.0856 | 0.3211 |
|
| (−0.6383) |
| (−0.6827) | (−0.9599) | (1.1935) |
_cons | 7.7334*** | −4.1598*** | 7.7158*** | −4.1493*** | −4.2062*** | −3.6804*** |
| (295.5132) | (−36.8594) | (294.5442) | (−36.7682) | (−35.6885) | (−9.1520) |
Industry | Yes | Yes | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes | Yes | Yes |
N | 13,416 | 13,416 | 13,416 | 13,416 | 12,055 | 1361 |
adj. R2 | 0.172 | 0.753 | 0.176 | 0.753 | 0.757 | 0.729 |
F | 143.3094 | 1241.7599 | 142.3219 | 1211.2899 | 1141.8088 | 120.6647 |