IMR

0.644^*

1.417^**

(1.66)

(2.52)

DisSz

−0.0476

−0.0560

−0.0912

−0.0225

(−0.84)

(−0.77)

(−1.50)

(−0.19)

Big4

0.00580

0.157

0.0580

0.160

(0.05)

(1.19)

(0.43)

(0.77)

Conserv

0.101

−0.0936

0.00276

0.0462

(0.61)

(−0.48)

(0.02)

(0.15)

VarRoe

−24.98^***

−2.524

−20.57^***

−27.57^**

(−4.51)

(−0.24)

(−3.69)

(−2.07)

Roe

−0.437

1.770^***

0.110

1.721^**

(−0.91)

(3.32)

(0.22)

(2.03)

Size

0.567^***

1.054^***

0.543^***

1.069^***

(13.96)

(6.09)

(12.42)

(4.20)

Lev

−1.064^***

−2.837^***

−1.027^***

−3.536^***

(−3.23)

(−4.75)

(−2.90)

(−3.97)

CFO

−0.822

−0.182

−1.086^*

−2.670^**

(−1.52)

(−0.27)

(−1.87)

(−2.51)

CR

−0.230^***

−0.0632

−0.176^***

−0.250^**

(−5.90)

(−0.69)

(−4.60)

(−2.25)

LLR

0.00178

0.00207

0.00245

0.00671

(0.78)

(0.76)

(1.02)

(1.59)

GDPgrow

−0.330^***

−0.299^***

−0.240^***

−0.194

(−9.70)

(−2.74)

(−7.21)

(−1.57)

State

−0.296^***

0.198

−0.214^**

0.124

(−3.79)

(1.52)

(−2.54)

(0.71)

Inds

Control

Control

Control

Control

PR

0.0125^***

0.0115^***

(3.10)

(2.68)

Top1

−0.00442^**

−0.00548^**

(−2.09)

(−2.39)

N

6594

6497