(1)

(2)

TobinQ

ROA

DT

0.842***

0.007***

(9.377)

(2.956)

Size

−0.144***

0.006***

(−12.570)

(21.177)

Lev

−1.161***

−0.103***

(−16.805)

(−53.370)

Growth

0.475***

0.025***

(14.600)

(21.455)

Age

0.190***

0.006***

(6.233)

(6.094)

Indep

0.455***

−0.014***

(2.629)

(−2.699)

Top10

−0.466***

0.045***

(−7.154)

(22.616)

State

0.081***

−0.007***

(3.578)

(−9.574)

_cons

5.053***

−0.091***

(19.254)

(−12.901)

Obs.

13703

13703

R-squared

0.099

0.279