(1)

(2)

(3)

VARIABLES

ROA

net = 0

net = 1

sticky

−0.006^***

−0.007^***

−0.005^***

(−8.66)

(−7.17)

(−4.93)

size

0.010^***

0.009^***

0.011^***

(14.27)

(12.01)

(8.65)

lev

−0.141^***

−0.136^***

−0.150^***

(−19.32)

(−20.71)

(−9.97)

cap

−0.004^***

−0.005^***

−0.003^***

(−9.83)

(−8.07)

(−6.04)

cashflow

0.171^***

0.150^***

0.195^***

(15.44)

(9.18)

(13.70)

top1

0.008^**

0.011^**

0.005

(2.31)

(2.52)

(0.93)

Constant

−0.125^***

−0.109^***

−0.147^***

(−9.98)

(−7.31)

(−6.80)

Observations

8,073

4,346

3,727

R-squared

0.346

0.365

0.335

industry FE

YES

YES

YES

year FE

YES

YES

YES