(1)

(2)

(3)

R1

R2

R3

VARIABLES

ROA

ROA

ROA

EGAP3

0.003371^***

0.001472^***

(10.90)

(9.40)

EGAP4

−0.000249^***

(−6.62)

growthA

0.001817^***

0.001781^***

(17.11)

(16.40)

EGAP3^*growthA

0.000088

(0.96)

EGAP4^*growthA

−0.000004

(−0.36)

lnCRI

0.006416^***

0.005044^***

0.005171^***

(6.23)

(5.27)

(5.43)

lnBTS

0.020280^***

0.019398^***

0.019061^***

(11.33)

(11.43)

(11.35)

size

0.008343^***

0.007890^***

0.007859^***

(18.57)

(17.21)

(17.17)

SOE

−0.004681^***

−0.005795^***

−0.005515^***

(−5.24)

(−6.67)

(−6.35)

Lev

−0.098143^***

−0.089649^***

−0.090317^***

(−28.25)

(−26.60)

(−26.84)

omr

0.096296^***

0.095132^***

0.094245^***

(34.17)

(36.12)

(35.85)

Constant

−0.213642^***

−0.199562^***

−0.198656^***

(−11.61)

(−10.84)

(−10.84)

Observations

17,792

17,792

17,792

R-squared

0.322

0.382

0.386