|
| (1) |
| VARIABLES | ROE |
| pre_2 | −0.5385 |
| (−0.97) | |
| pre_1 | 0.2924 |
| (0.69) | |
| current | 0.7849** |
| (2.01) | |
| post_1 | −0.7392 |
| (−1.35) | |
| post_2 | −0.3237 |
| (−0.43) | |
| post_3 | 1.1497** |
| (2.25) | |
| Size | 2.3060*** |
| (10.11) | |
| Lev | −21.3862*** |
| (−15.58) | |
| Cashflow | 51.3233*** |
| (10.61) | |
| Growth | 7.6636*** |
| (10.61) | |
| Top1 | 10.6955*** |
| (10.76) | |
| SOE | −1.2333*** |
| (−2.71) | |
| Constant | −42.9842*** |
| (−9.36) | |
| Observations | 15,243 |
| R-squared | 0.254 |
| industry | YES |
| year | YES |
| F | 104.5 |