(1)

(2)

(3)

(4)

ROA

ROA

ROA

ROA

MO

−0.238^***

−0.148^***

−0.145^***

−0.218^***

(0.035)

(0.020)

(0.020)

(0.035)

type

0.007^***

0.004^**

(0.002)

(0.002)

MT

0.105^**

(0.049)

DTL

−0.022^***

−0.022^***

−0.022^***

(0.002)

(0.002)

(0.002)

GROWTH

0.021^***

0.020^***

0.020^***

(0.003)

(0.003)

(0.003)

LEV

−0.136^***

−0.135^***

−0.136^***

(0.005)

(0.005)

(0.005)

SIZE

0.005^***

0.005^***

0.005^***

(0.001)

(0.001)

(0.001)

TAT

0.043^***

0.043^***

0.043^***

(0.005)

(0.005)

(0.005)

TPE

0.010^***

0.010^***

0.010^***

(0.002)

(0.002)

(0.002)

OC

0.000^**

0.000^**

0.000^**

(0.000)

(0.000)

(0.000)

_cons

0.074^***

−0.144^***

−0.151^***

−0.148^***

(0.001)

(0.025)

(0.023)

(0.023)

N

1972.000

1972.000

1972.000

1972.000

r2

0.082

0.549

0.553

0.554

r2_a

0.062

0.538

0.542

0.542

industry

Yes

Yes

Yes

Yes

year

Yes

Yes

Yes

Yes