(1)

(2)

(3)

ROE

ROE

ROE

MO

−0.234^***

−0.228^***

−0.470^***

(0.048)

(0.050)

(0.084)

TYPE

0.008^***

−0.001

(0.003)

(0.003)

MT

0.347^***

(0.073)

DTL

−0.037^***

−0.037^***

−0.037^***

(0.003)

(0.003)

(0.003)

GROWTH

0.045^***

0.045^***

0.045^***

(0.006)

(0.006)

(0.006)

LEV

−0.069^***

−0.068^***

−0.068^***

(0.010)

(0.010)

(0.010)

SIZE

0.012^***

0.012^***

0.012^***

(0.002)

(0.002)

(0.001)

TAT

0.079^***

0.079^***

0.079^***

(0.007)

(0.007)

(0.006)

TPE

0.015^***

0.015^***

0.015^***

(0.002)

(0.002)

(0.002)

OC

0.000^***

0.000^***

0.000^***

(0.000)

(0.000)

(0.000)

_cons

−0.351^***

−0.360^***

−0.349^***

(0.051)

(0.049)

(0.049)

N

1621.000

1621.000

1621.000

r2

0.528

0.531

0.534

r2_a

0.514

0.517

0.519

industry

Yes

Yes

Yes

year

Yes

Yes

Yes

F

440.263

395.437

346.939