|
| (1) | (2) | (3) | (4) |
|
| CAR | BHAR | CAR | BHAR |
| COMP | 1.9280*** | 3.6406*** | 2.3932*** | 4.2881*** |
| (3.9746) | (3.0768) | (4.7679) | (2.8343) | |
| IC |
|
| 0.0002 | −0.0000 |
|
|
| (0.8187) | (−0.0649) | |
| inter1 |
|
| 0.0047* | 0.0087* |
|
|
| (1.8850) | (1.7626) | |
| SIZE | 0.0338 | 0.0025 | 0.0618 | 0.1188 |
| (0.7197) | (0.0194) | (1.1925) | (0.8705) | |
| LEV | −0.0690 | −1.8633*** | −0.0624 | −1.7348*** |
| (−0.3201) | (−2.9724) | (−0.2658) | (−2.6095) | |
| DER | 0.0777*** | 0.2867*** | 0.0538** | 0.2238*** |
| (2.6963) | (5.0662) | (1.9804) | (3.9059) | |
| EM2 | −0.1039*** | −0.0483 | −0.1096*** | −0.0306 |
| (−3.1748) | (−0.7364) | (−3.8420) | (−0.4460) | |
| FIXED | 0.1716 | 0.0116 | 0.1606 | 0.2565 |
| (0.7671) | (0.0203) | (0.6685) | (0.4200) | |
| ROE | −0.2014 | −0.3158 | −0.3082** | −0.3667 |
| (−1.4755) | (−0.9369) | (−2.3764) | (−0.9496) | |
| FL | −0.0115 | 0.0591* | −0.0104 | 0.0487 |
| (−0.4850) | (1.6538) | (−0.4324) | (1.2774) | |
| year fe | Yes | Yes | Yes | Yes |
| N | 699 | 694 | 654 | 648 |
| r2_a | 0.3609 | 0.3480 | 0.3830 | 0.3363 |