|
| (1) | (2) |
| AR | −0.0924** | −0.1013** |
|
| (−2.12) | (−2.38) |
| UR |
| 0.0327** |
|
|
| (2.19) |
| ROE |
| 1.3990*** |
|
|
| (2.79) |
| Level |
| −0.8781*** |
|
|
| (−6.21) |
| Size |
| 0.0315 |
|
|
| (1.13) |
| Share |
| 0.0055** |
|
|
| (2.43) |
| IndDirPct |
| 0.0030 |
|
|
| (0.83) |
| State |
| −0.4804*** |
|
|
| (−6.95) |
| _cons | 1.2928*** | 0.1945 |
|
| (47.86) | (0.34) |
| N | 2019 | 2019 |
| adj. R2 | 0.3036 | 0.3460 |