(11)

(12)

(13)

roe

roe

RDPer

RD

0.00681***

(3.495)

MI

0.0143***

0.0147***

(3.610)

(3.565)

Age

0.00117

0.00130

−0.0217

(1.118)

(1.257)

(−0.325)

Lev

−0.321***

−0.313***

−3.138*

(−3.692)

(−3.669)

(−1.914)

cash

0.271*

0.289*

−12.81***

(1.670)

(1.808)

(−3.091)

size

0.0265***

0.0255***

−0.961***

(3.497)

(3.532)

(−4.530)

Pro

0.0877***

4.886*

(3.740)

(1.751)

_cons

−0.556***

−0.536***

34.98***

(−3.401)

(−3.462)

(6.901)

N

2287

2287

1324

adj.R-sq

0.079

0.078

0.038

r2

0.0816

0.0802

0.0416

F

15.53

18.86

13.81