(1)

(2)

(3)

VARIABLES

Naps

Naps

Naps

FM

0.090^***

(−0.17)

PM

−0.526^**

(−2.14)

Time

0.039^***

0.038

0.006

(−3.14)

(−4.24)

(−0.33)

Bsize

0.312^***

0.243^***

0.361^***

(−5.38)

(−2.77)

(−4.63)

ROE

0.118^***

0.077

0.123^*

(−2.62)

(−1.23)

(−1.89)

Lev

0.532

0.692

0.719

(−1.18)

(−0.98)

(−1.2)

NOP

0.949^***

1.837^***

0.780^***

(−5.15)

(−3.9)

(−3.77)

Constant

−75.658^***

−177.962^***

−10.283

(−3.07)

(−4.18)

(−0.30)

R-squared

0.061

0.074

0.076

F test

0

3.85E−08

1.85E−08

r2_a

0.0568

0.0644

0.0668

F

15.4

7.843

8.13