(1)

(2)

(3)

VARIABLES

NOP

NOP

NOP

FM

0.005^***

(−0.35)

PM

−0.080^*

(−1.66)

Time

−0.003^***

0.007

−0.006^*

(−1.46)

(−2.89)

(−1.79)

Bsize

0.003^**

0.019^**

−0.007

(−0.35)

(−2.51)

(−0.42)

ROE

0.049^***

0.029^***

0.068^***

(−7.1)

(−5.42)

(−5.45)

Naps

0.023^***

0.012^***

0.029^***

(−5.15)

(−3.33)

(−3.15)

Lev

−0.326^***

−0.448^***

−0.275^**

(−4.67)

(−7.17)

(−2.21)

Constant

5.612

10.779^***

12.292^*

(−1.46)

(−2.89)

(−1.79)

R-squared

0.093

0.18

0.097

F test

0

0

1.25E−10

r2_a

0.0893

0.171

0.0861

F

24.45

18.52

9.047