| (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 |