(1) Risk2

(2) Fixed

(3) Risk2

Fin

−0.773^***

−0.348^***

−1.046^***

(0.0771)

(0.0101)

(0.0786)

Fixed

−0.785^***

(0.0491)

Lev

−0.362^***

0.0311^***

−0.337^***

(0.0446)

(0.00585)

(0.0444)

Roa

8.456^***

−0.312^***

8.211^***

(0.130)

(0.0171)

(0.131)

Top1

0.264^***

0.0446^***

0.299^***

(0.0475)

(0.00622)

(0.0473)

Ind

0.523^***

−0.0682^***

0.470^***

(0.127)

(0.0166)

(0.126)

Age

0.300^***

0.0262^***

0.320^***

(0.00895)

(0.00117)

(0.00900)

_cons

6.236^***

0.109^***

6.321^***

(0.153)

(0.0201)

(0.152)

N

23984

23984

23984

R²

Industry

Year

0.294

Yes

Yes

0.337

Yes

Yes

0.301

Yes

Yes