(1)

(2)

(3)

(4)

lnrd

lnrd

SA

SA

vc

0.359^***

0.116^***

−0.005^***

−0.005^***

(9.246)

(3.861)

(−2.931)

(−2.907)

soe

−0.047

0.006

(−1.001)

(1.296)

size

0.637^***

0.004

(22.361)

(1.219)

age

−0.040

0.123^***

(−0.592)

(4.606)

lev

−0.030

0.025^***

(−0.281)

(3.195)

cash

1.210^***

0.013

(4.173)

(1.316)

roe

0.185

−0.006

(1.022)

(−1.175)

Ind(id)

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes

_cons

2.518^***

−9.999^***

4.004^***

3.515^***

(29.795)

(−18.241)

(264.907)

(37.497)

R²

0.1488

0.4623

0.9909

0.9911

N

3310

3310

3310

3310