| (1) | (2) |
TFP_OP | TFP_OP | |
FINRATIO | 1.0646*** | 0.4367*** |
| (3.2124) | (2.7100) |
FINRATIO2 | −5.7776*** | −2.5829*** |
| (−4.4888) | (−4.7913) |
Lev | 0.0048*** | 0.0048*** |
| (11.9837) | (14.6190) |
Liq | −0.0030 | −0.0023 |
| (−1.1236) | (−1.0158) |
Growth | 0.1248*** | 0.0928*** |
| (7.1507) | (7.6301) |
Tobinq | 0.0602*** | 0.0421*** |
| (6.9011) | (5.4543) |
Roa | 2.1495*** | 2.2707*** |
| (23.3433) | (30.9405) |
Age | 0.0014 | 0.0020** |
| (1.4996) | (2.1776) |
Size | 0.5295*** | 0.5329*** |
| (97.5016) | (108.0095) |
Dual | −0.0197** | −0.0237*** |
| (−2.1520) | (−2.6059) |
Insti | 0.0005** | 0.0005** |
| (2.5401) | (2.3758) |
Top | 0.0022*** | 0.0022*** |
| (6.3659) | (6.7806) |
Supn | −0.0689** | −0.0610** |
| (−2.3505) | (−2.1636) |
Dir | −0.0683 | −0.0701 |
| (−0.7333) | (−0.7523) |
_cons | −3.9502*** | −4.1214*** |
| (−31.9215) | (−33.9530) |
Industry | Yes | Yes |
Year | Yes | Yes |
N | 10,869 | 11,901 |
adj. R2 | 0.750 | 0.737 |
F | 987.0946 | 903.7772 |