VARIABLES

Risk1

Risk2

(1)

(2)

RD

−0.011^***

−0.028^***

(−3.18)

(−3.17)

RD²

0.001^***

0.001^***

(3.24)

(3.24)

Size

−0.005^***

−0.012^***

(−10.63)

(−10.73)

Age

0.002

0.004

(1.37)

(1.46)

ROE

−0.057^***

−0.133^***

(−19.83)

(−19.07)

REC

−0.021^***

−0.052^***

(−5.93)

(−5.93)

Growth

0.005^***

0.013^***

(5.79)

(5.76)

Top1

−0.007^***

−0.017^***

(−3.01)

(−3.05)

SOE

−0.007^***

−0.016^***

(−9.67)

(−9.46)

Year/Ind

Y

Y

Constant

0.247^***

0.602^***

(6.77)

(6.79)

N

9926

9926

R-squared

0.184

0.181