| Variables | (1) | (2) |
| Roe | Eps | |
| Inc | 0.007* | 0.023 |
| (1.90) | (1.12) | |
| Type | −0.028*** | −0.067 |
| (−3.58) | (−1.63) | |
| Term | −0.005 | 0.000 |
| (−0.62) | (0.01) | |
| Lntop 3 | 0.026*** | 0.166*** |
| (2.75) | (3.90) | |
| Top 5 | 0.001*** | 0.007*** |
| (3.11) | (4.53) | |
| Position | −0.003 | 0.012 |
| (−0.41) | (0.30) | |
| Separation | 0.001** | 0.003 |
| (1.96) | (1.19) | |
| Balance | −0.007 | −0.037 |
| (−1.23) | (−1.23) | |
| Size | −0.000 | 0.090*** |
| (−0.06) | (2.69) | |
| Lev | −0.009 | −0.019 |
| (−0.28) | (−0.14) | |
| Bm | −0.088*** | −0.304* |
| (−2.83) | (−1.87) | |
| State | 0.028** | 0.098 |
| (2.27) | (1.19) | |
| Constant | −0.037 | −1.011*** |
| (−0.68) | (−3.61) | |
| Observations | 1143 | 1133 |
| R-squared | 0.046 | 0.076 |
| Industry | YES | YES |
| Year | YES | YES |