VARIABLES

(1)

(2)

(3)

(4)

(5)

(6)

(7)

ROE

ROE

ROE

ROE

ROE

ROE

ROE

did

0.399

0.520^**

1.006^***

0.680^***

0.581^***

0.618^***

0.540^**

(1.59)

(2.08)

(4.22)

(2.96)

(2.61)

(2.79)

(2.44)

Size

1.104^***

2.972^***

2.490^***

2.336^***

2.207^***

2.314^***

(11.61)

(28.95)

(24.95)

(24.13)

(22.86)

(23.27)

Lev

−25.809^***

−21.698^***

−22.138^***

−21.600^***

−21.460^***

(−38.82)

(−33.33)

(−35.09)

(−34.41)

(−34.17)

Cashflow

55.306^***

53.011^***

51.398^***

51.190^***

(34.62)

(34.21)

(33.31)

(33.18)

Growth

7.745^***

7.765^***

7.676^***

(31.46)

(31.76)

(31.31)

Top1

10.162^***

10.698^***

(14.53)

(15.08)

SOE

−1.191^***

(−4.44)

Constant

6.831^***

−17.724^***

−49.024^***

−42.645^***

−40.322^***

−41.028^***

−43.289^***

(47.72)

(−8.36)

(−22.53)

(−20.28)

(−19.77)

(−20.25)

(−20.74)

Observations

15,243

15,243

15,243

15,243

15,243

15,243

15,243

R-squared

0.034

0.042

0.129

0.193

0.242

0.253

0.254

industry

YES

YES

YES

YES

YES

YES

YES

year

YES

YES

YES

YES

YES

YES

YES

F

2.532

68.70

552.6

746.8

834.4

740.2

638