(1)

(2)

(3)

(4)

VARIABLES

RD

RD

RD

RD

FIN

4.492***

4.489***

4.250***

4.423***

(0.553)

(0.553)

(0.532)

(8.38)

FIN2

−12.94***

−12.93***

−11.25***

−11.556***

(1.439)

(1.439)

(1.386)

(−8.41)

ROA

0.0107

0.0409***

0.040***

(0.0128)

(0.0124)

(3.24)

LEV

2.107***

1.879***

(0.0807)

(22.82)

TBQ

−0.155***

(−11.95)

Constant

17.78***

17.78***

16.95***

17.352***

(0.0194)

(0.0194)

(0.0370)

(346.68)

Observations

8526

8526

8526

8526

R-squared

0.009

0.010

0.083

0.10

Ftest

0

r2_a

0.0974

F

185.0