(1)

(2)

(3)

TREM

ROE

ROE

MO

0.421^**

−0.197^***

(0.190)

(0.047)

TREM

−0.113^***

−0.112^***

(0.019)

(0.019)

DTL

0.045^***

−0.035^***

−0.035^***

(0.006)

(0.004)

(0.003)

GROWTH

0.077^***

0.056^***

0.056^***

(0.026)

(0.005)

(0.005)

LEV

0.397^***

−0.025^**

−0.023^**

(0.060)

(0.011)

(0.011)

SIZE

0.009

0.014^***

0.013^***

(0.006)

(0.002)

(0.002)

TAT

−0.203^***

0.054^***

0.054^***

(0.060)

(0.010)

(0.010)

TPE

−0.085^***

0.006^***

0.006^***

(0.014)

(0.002)

(0.002)

OC

−0.001

0.000^**

0.000^*

(0.000)

(0.000)

(0.000)

_cons

0.808^***

−0.277^***

−0.266^***

(0.189)

(0.028)

(0.028)

N

1972.000

1972.000

1972.000

r2

0.379

0.589

0.593

r2_a

0.363

0.578

0.582

industry

Yes

Yes

Yes

year

Yes

Yes

Yes

F

24.081

222.816

507.428