VARIABLES | Std_ROA | Std_TobinQ | ||||
Growth stage | Maturity stage | Recession stage | Growth stage | Maturity stage | Recession stage | |
rel200 | −0.000 | −0.000 | −0.000*** | −0.002 | −0.007** | −0.009*** |
(−0.72) | (−1.43) | (−3.34) | (−0.67) | (−2.47) | (−3.05) | |
lev | 0.033*** | 0.047*** | 0.050*** | −0.464*** | 0.268* | 0.752*** |
(5.47) | (10.33) | (11.07) | (−3.01) | (1.80) | (5.07) | |
lnboard | −0.009** | −0.009** | −0.007 | −0.073 | −0.057 | −0.160 |
(−2.09) | (−2.04) | (−1.32) | (−0.63) | (−0.51) | (−1.17) | |
growth | 0.004*** | 0.003*** | 0.001 | 0.149*** | 0.113*** | 0.019 |
(5.07) | (4.19) | (0.43) | (5.93) | (5.14) | (0.55) | |
C_size | −0.007*** | −0.011*** | −0.013*** | −0.222*** | −0.368*** | −0.454*** |
(−7.94) | (−13.54) | (−13.87) | (−8.11) | (−13.66) | (−15.12) | |
H10 | 0.033*** | 0.029*** | 0.028*** | 0.519*** | 0.549*** | 0.417** |
(3.59) | (5.28) | (3.68) | (2.90) | (3.41) | (2.05) | |
seperation | −0.000 | −0.000 | −0.000 | −0.002 | 0.002 | 0.002 |
(−1.05) | (−0.66) | (−1.62) | (−0.57) | (0.67) | (0.77) | |
age | 0.001*** | 0.001*** | 0.001*** | 0.024*** | 0.032*** | 0.033*** |
(4.68) | (5.14) | (2.63) | (2.97) | (4.29) | (3.60) | |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.179*** | 0.254*** | 0.298*** | 5.808*** | 8.679*** | 10.606*** |
(8.75) | (13.46) | (14.23) | (9.15) | (14.65) | (16.23) | |
N | 2693 | 4975 | 4446 | 2693 | 4975 | 4446 |
adj. R-sq | 0.225 | 0.273 | 0.338 | 0.264 | 0.284 | 0.357 |