(1)

(2)

(3)

TFP_OP

TFP_LP

TFP_GMM

FINRATIO

−0.0431***

(−8.1812)

FINRATIO2

0.0014**

FINRATIO

0.9385***

1.7515***

(5.5745)

(8.6990)

FINRATIO2

−4.0233***

−4.3581***

(−7.0295)

(−6.4560)

lev

0.0048***

0.0052***

0.0068***

(13.7369)

(13.7184)

(15.0070)

liq

−0.0037*

−0.0119***

0.0281***

(−1.7851)

(−5.3425)

(9.9801)

growth

0.0941***

0.0750***

0.1566***

(5.9365)

(4.7632)

(8.1082)

tobinq

0.0494***

0.0482***

0.0386***

(7.1172)

(6.3977)

(4.3073)

roa

1.9652***

2.8680***

2.7569***

(21.8203)

(29.1833)

(24.1413)

age

0.0022***

0.0038***

0.0029***

(2.6705)

(4.2227)

(2.7305)

size

0.5332***

0.6393***

0.1209***

(108.0111)

(117.5609)

(18.3934)

dual

−0.0238***

−0.0230***

0.0011

(−2.9089)

(−2.6030)

(0.1048)

insti

0.0005**

0.0010***

0.0008***

(2.4954)

(4.7458)

(3.2073)

top

0.0021***

0.0032***

0.0018***

(6.8891)

(10.0153)

(4.7531)

supn

−0.0499*

−0.0022

−0.0992***

(−1.8900)

(−0.0805)

(−2.8738)

dir

−0.0420

−0.0886

−0.1365

(−0.4970)

(−0.9766)

(−1.2269)

_cons

−4.1780***

−5.6732***

0.1276

(−37.0960)

(−46.7238)

(0.8598)

Industry

Yes

Yes

Yes

Year

Yes

Yes

Yes

N

13,416

13,416

13,416

adj. R2

0.755

0.785

0.260

F

1218.8524

1385.4298

119.8408