E1

E2

M1

M2

W1

W2

VARIABLES

res

res

res

res

res

res

DIV

0.010^*

−0.002

0.010^***

(1.91)

(−1.19)

(3.08)

X1

−0.121^**

−0.123^**

−0.101^***

−0.097^***

−0.134^***

−0.114^***

(−2.32)

(−2.36)

(−4.09)

(−4.90)

(−3.84)

(−3.37)

X2

0.066^***

0.066^***

0.044^***

0.043^***

0.032^***

0.035^***

(7.49)

(7.15)

(5.48)

(5.35)

(3.48)

(3.84)

X3

−0.434^***

−0.459^***

−0.443^***

−0.404^***

−0.411^***

−0.347^***

(−3.33)

(−3.14)

(−2.95)

(−3.33)

(−4.39)

(−5.70)

TCE

0.001

0.001

0.006^***

(0.50)

(0.38)

(3.84)

Constant

0.271^***

0.305^***

0.330^***

0.316^***

0.305^***

0.287^***

(5.53)

(9.15)

(11.96)

(23.43)

(8.62)

(8.54)

Observations

99

99

72

72

108

108

Number of id

11

11

8

8

12

12