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