VARIABLES

res

res

DIV

0.004^*

(1.78)

X1

−0.111^***

−0.100^***

(−6.76)

(−6.17)

X2

0.050^***

0.050^***

(13.56)

(14.14)

X3

−0.390^***

−0.307^***

(−5.84)

(−4.50)

TCE

0.005^***

(4.28)

Constant

0.298^***

0.281^***

(19.74)

(19.54)

Observations

279

279

R-squared

0.752

0.767

Number of id

31

31