(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