(1)

(2)

(3)

R1

R2

R3

VARIABLES

ROA

ROA

ROA

EGAP1

0.0150^***

0.0071^***

(23.77)

(24.96)

EGAP2

−0.0020^***

(−16.22)

Growth

0.0282^***

0.0274^***

(38.65)

(17.82)

EGAP1*Growth

0.0069^***

(2.81)

EGAP2*Growth

−0.0031^***

(−5.87)

lnCRI

0.0086^***

0.0087^***

0.0097^***

(15.21)

(15.29)

(17.17)

lnBTS

0.0256^***

0.0205^***

0.0199^***

(26.34)

(20.98)

(20.44)

size

0.0070^***

0.0102^***

0.0075^***

(26.51)

(47.05)

(29.42)

SOE

−0.0045^***

−0.0053^***

−0.0039^***

(−9.41)

(−11.08)

(−8.17)

Lev

−0.1057^***

−0.1087^***

−0.1062^***

(−62.60)

(−66.34)

(−64.22)

omr

0.1086^***

0.1118^***

0.1063^***

(69.95)

(73.40)

(69.52)

Constant

−0.2331^***

−0.2757^***

−0.2247^***

(−19.66)

(−24.03)

(−19.36)

Observations

87,588

87,587

87,587

R-squared

0.329

0.336

0.342