(1)

(2)

VARIABLES

V

V

CDI

−0.051^***

−0.254^***

(−2.93)

(−17.98)

subgov

0.187^***

(23.22)

Year

−0.119^**

−0.024

(−2.27)

(−0.71)

Roa

−1.012^***

−0.891^***

(−3.07)

(−4.15)

Al

−0.551^**

0.144

(−2.39)

(0.92)

GR

0.019

−0.008

(0.13)

(−0.08)

CSR

0.045

0.015

(0.39)

(0.21)

Constant

243.083^**

50.395

(2.29)

(0.73)

Observations

378

378

R-squared

0.099

0.634

F test

7.77e−07

0

r2_a

0.0843

0.626

F

6.782

79.86