Std_ROA

Std_TobinQ

rel100

−0.0005***

−0.0088*

(−2.92)

(−1.85)

rel200

−0.0003***

−0.0067***

(−3.21)

(−2.90)

rel300

−0.0002***

−0.0035**

(−3.46)

(−2.49)

lev

0.0380***

0.0383***

0.0381***

0.3253**

0.3277**

0.3266**

(8.94)

(8.98)

(8.95)

(2.29)

(2.32)

(2.32)

lnboard

−0.0078**

−0.0078**

−0.0077**

−0.0868

−0.0895

−0.0858

(−2.34)

(−2.35)

(−2.32)

(−0.94)

(−0.97)

(−0.93)

growth

0.0024***

0.0024***

0.0024***

0.1116***

0.1113***

0.1116***

(4.94)

(4.99)

(5.00)

(7.36)

(7.40)

(7.41)

age

0.0008***

0.0008***

0.0008***

0.0256***

0.0253***

0.0248***

(4.02)

(3.92)

(3.77)

(4.33)

(4.28)

(4.21)

C_size

−0.0098***

−0.0098***

−0.0098***

−0.3644***

−0.3652***

−0.3645***

(−14.25)

(−14.36)

(−14.28)

(−15.59)

(−15.70)

(−15.65)

seperation

−0.0001*

−0.0001

−0.0001

0.0005

0.0007

0.0006

(−1.65)

(−1.57)

(−1.64)

(0.24)

(0.31)

(0.25)

H10

0.0214***

0.0207***

0.0208***

0.5378***

0.5248***

0.5261***

(4.64)

(4.48)

(4.49)

(3.99)

(3.88)

(3.90)

Year(Ind)

Control

Control

Control

Control

Control

Control

_cons

0.2419***

0.2438***

0.2436***

8.6334***

8.6858***

8.6687***

(15.20)

(15.36)

(15.35)

(16.65)

(16.78)

(16.72)

N

12088

12088

12088

12088

12088

12088

adj. R-sq

0.244

0.245

0.246

0.292

0.294

0.293