	(1)	(2)	(3)	(4)	(5)
	RD	RD	RD	RD	RD
Hedu	0.280^**				0.258^*
Hedu	(2.11)				(1.94)
Habroad		0.549^***			0.556^***
Habroad		(2.9)			(2.94)
Heco			−0.582^***		−0.601^***
Heco			(−3.55)		(−3.67)
H				0.756^***
H				(7.23)
Lev	−1.961^***	−1.958^***	−1.959^***	−3.344^***	−1.960^***
Lev	(−10.49)	(−10.48)	(−10.49)	(−16.51)	(−10.50)
Size	0.699^***	0.674^***	0.703^***	−0.653^***	0.679^***
Size	(8.89)	(8.52)	(8.95)	(−9.05)	(8.6)
CA	−1.340^***	−1.323^***	−1.336^***	3.186^***	−1.333^***
CA	(−7.81)	(−7.72)	(−7.79)	(12.85)	(−7.78)
OP	−0.067	−0.0692	−0.0668	−0.522^***	−0.0656
OP	(−1.48)	(−1.53)	(−1.48)	(−6.39)	(−1.45)
SEP	−0.00276	−0.00289	−0.00233	−0.0255^***	−0.00277
SEP	(−0.50)	(−0.52)	(−0.42)	(−5.95)	(−0.50)
Ownership	0.0425	0.0429	0.027	−0.756^***	0.0314
Ownership	(0.26)	(0.26)	(0.16)	(−10.17)	(0.19)
N	14,228	14,228	14,228	14,228	14,228