(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

EP

0.04^***

0.04^***

0.04^***

0.04^***

0.04^***

0.04^***

0.04^***

0.04^***

0.03^***

0.02^***

(17.78)

(16.90)

(16.26)

(16.27)

(16.13)

(16.15)

(16.25)

(16.20)

(11.44)

(6.36)

scale

0.01^***

0.01^***

0.01^***

0.01^***

0.01^***

0.01^***

0.02^***

0.01^***

0.00

(14.24)

(14.28)

(14.40)

(14.48)

(13.37)

(13.43)

(13.18)

(2.96)

(1.02)

fl

−0.00^***

−0.00^*

−0.00^*

−0.00^*

−0.00^*

−0.00^**

−0.00

0.00

(−3.54)

(−1.94)

(−1.91)

(−1.88)

(−1.96)

(−2.30)

(−0.67)

(0.19)

prof

0.00^***

0.00^***

0.00^***

0.00^***

0.00^***

0.00^***

0.00^*

(3.96)

(3.76)

(3.76)

(3.69)

(3.60)

(3.43)

(1.73)

grow

0.00^***

0.00^***

0.00^***

0.00^**

0.00^**

0.00

(2.62)

(2.62)

(2.67)

(2.42)

(2.29)

(1.55)

herf

0.00

0.00

−0.00

0.00

−0.00

(0.15)

(0.16)

(−0.01)

(0.29)

(−0.78)

ssr

−0.00

−0.00

−0.00

−0.01^*

(−1.24)

(−0.82)

(−0.75)

(−1.69)

bm

−0.02^***

−0.02^***

−0.02^*

(−3.57)

(−3.13)

(−1.77)

L.y11

−0.31^***

(−9.37)

_cons

0.04^***

−0.07^***

−0.07^***

−0.07^***

−0.07^***

−0.07^***

−0.07^***

−0.08^***

−0.00

0.05

(25.24)

(−8.10)

(−8.18)

(−8.96)

(−9.14)

(−9.12)

(−9.17)

(−9.64)

(−0.22)

(1.23)

N

3630

3630

3630

3630

3630

3630

3630

3630

3630

2420

r²

0.11

0.21

0.21

0.23

0.24

0.24

0.24

0.24

0.08

F

315.98

272.16

182.00

153.33

132.04

109.98

102.58

89.47

20.76