|
| (1) | (2) |
| AR | −0.1285** | −0.1218** |
|
| (−2.21) | (−2.10) |
| UR |
| 0.0102 |
|
|
| (0.55) |
| ROE |
| 0.6435 |
|
|
| (0.83) |
| Level |
| −0.6454*** |
|
|
| (−3.38) |
| Size |
| 0.0209 |
|
|
| (0.52) |
| Share |
| 0.0019 |
|
|
| (0.57) |
| IndDirPct |
| 0.0056 |
|
|
| (1.07) |
| State |
| −0.4144*** |
|
|
| (−5.04) |
| _cons | 1.4298*** | 0.7669 |
|
| (47.03) | (0.92) |
| N | 1297 | 1297 |
| adj. R2 | 0.2701 | 0.2944 |