(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

model 1

model 2

model 3

mode1 4

model 5

model 6

model 7

model 8

model 9

s

0.384^***

0.385^***

0.380^***

0.358^***

0.361^***

0.359^***

0.355^***

0.354^***

0.226^***

(16.40)

(15.73)

(15.49)

(14.77)

(14.88)

(14.81)

(14.89)

(15.01)

(10.94)

liva

−0.307

−0.347

−0.880^***

−0.878^***

−0.974^***

−1.117^***

−1.058^***

−1.974^***

(−1.42)

(−1.59)

(−3.91)

(−3.91)

(−4.38)

(−5.10)

(−4.87)

(−10.48)

unit

−0.116^*

−0.044

−0.052

0.075

0.076

0.091

0.143^**

(−1.71)

(−0.65)

(−0.76)

(1.06)

(1.11)

(1.34)

(2.45)

LIQU

−0.063^***

−0.065^***

−0.058^***

−0.024^***

−0.018^**

−0.029^***

(−8.30)

(−8.49)

(−7.61)

(−2.84)

(−2.12)

(−4.12)

top10

0.004^**

0.006^***

0.007^***

0.006^***

0.002

(2.08)

(3.12)

(3.80)

(3.46)

(1.41)

LEV

1.560^***

1.986^***

−0.184

(8.84)

(10.57)

(−1.03)

ROA

1.838^***

−0.066

(6.18)

(−0.25)

size

0.637^***

(27.56)

_cons

3.408^***

3.488^***

3.524^***

3.828^***

3.600^***

3.239^***

2.522^***

2.265^***

−10.209^***

(82.51)

(49.93)

(47.91)

(47.20)

(26.40)

(22.99)

(15.74)

(13.79)

(−21.55)

N

2122

2122

2086

2086

2086

2046

2046

2046

2046

R²

0.114

0.115

0.115

0.143

0.145

0.167

0.198

0.212

0.426

Adj. R²

0.11

0.11

0.11

0.14

0.14

0.16

0.19

0.21

0.42