(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