(1)

(2)

(3)

(4)

ROE

ROE

ROE

ROE

MO

−0.329^***

−0.244^***

−0.239^***

−0.447^***

(0.055)

(0.047)

(0.048)

(0.063)

TYPE

0.009^***

0.001

(0.003)

(0.003)

MT

0.298^***

(0.074)

DTL

−0.040^***

−0.040^***

−0.040^***

(0.003)

(0.003)

(0.003)

GROWTH

0.048^***

0.047^***

0.047^***

(0.005)

(0.005)

(0.005)

LEV

−0.067^***

−0.066^***

−0.067^***

(0.010)

(0.010)

(0.010)

SIZE

0.012^***

0.012^***

0.012^***

(0.002)

(0.002)

(0.002)

TAT

0.077^***

0.077^***

0.077^***

(0.008)

(0.008)

(0.008)

TPE

0.016^***

0.016^***

0.016^***

(0.002)

(0.002)

(0.002)

OC

0.000^**

0.000^**

0.000^**

(0.000)

(0.000)

(0.000)

_cons

0.124^***

−0.356^***

−0.366^***

−0.358^***

(0.001)

(0.053)

(0.051)

(0.050)

N

1972.000

1972.000

1972.000

1972.000

r2

0.074

0.508

0.511

0.513

r2_a

0.055

0.496

0.499

0.500

industry

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes