τ = 0.25

PE

τ = 0.5

PE

τ = 0.75

PE

ROA

5.224*** (3.37)

6.556*** (3.69)

7.932** (2.49)

Netprfrt

−0.0427 (−0.26)

−0.1562 (−0.84)

−0.1557 (−0.47)

Opeprfrt

−0.103 (−0.41)

−0.196 (−0.19)

−0.251 (−0.34)

NAPS

0.359*** (3.66)

0.366*** (3.25)

0.357* (1.77)

OpeCPSgrrt

0.000431*** (3.52)

0.000344** (2.45)

0.000267 (1.06)

Equmul

−0.309 (−1.36)

−0.602** (−2.30)

−0.876* (−1.86)

Opeincmgrrt

−0.0565 (−1.41)

−0.123*** (−2.68)

−0.171** (−2.07)

Totprfgrrt

0.0133 (0.68)

0.00519 (0.23)

0.0575 (1.43)

Netprfgrt

−0.0154 (−0.69)

−0.0193 (−0.76)

0.0360 (0.79)

NAPSgrrt

0.0802* (1.82)

0.110** (2.17)

0.0638 (0.70)

TotastYTDgrrt

0.0244 (0.48)

0.0804 (1.38)

0.109 (1.04)

PB

6.161*** (6.29)

6.363*** (5.66)

5.312*** (2.63)

Totassrat

23.54** (2.41)

12.91 (1.15)

23.47 (1.17)

_cons

15.05*** (4.61)

23.08*** (6.17)

31.34*** (4.66)

N

126

126

126

r2

0.8626

0.8664

0.8752