|
| (1) | (2) | (3) | (4) |
|
| CAR | CAR | BHAR | BHAR |
| COMP | 1.0791** | 1.9280*** | 2.0676* | 3.6406*** |
| (2.3498) | (3.9746) | (1.9058) | (3.0768) | |
| SIZE |
| 0.0338 |
| 0.0025 |
|
| (0.7197) |
| (0.0194) | |
| LEV |
| −0.0690 |
| −1.8633*** |
|
| (−0.3201) |
| (−2.9724) | |
| DER |
| 0.0777*** |
| 0.2867*** |
|
| (2.6963) |
| (5.0662) | |
| EM2 |
| −0.1039*** |
| −0.0483 |
|
| (−3.1748) |
| (−0.7364) | |
| FIXED |
| 0.1716 |
| 0.0116 |
|
| (0.7671) |
| (0.0203) | |
| ROE |
| −0.2014 |
| −0.3158 |
|
| (−1.4755) |
| (−0.9369) | |
| FL |
| −0.0115 |
| 0.0591* |
|
| (−0.4850) |
| (1.6538) | |
| year fe | Yes | Yes | Yes | Yes |
| N | 714 | 699 | 709 | 694 |
| r2_a | 0.3050 | 0.3609 | 0.2900 | 0.3480 |