| Variables | (3) | (4) |
| Roe | Eps | |
| Ratio | 0.001** | 0.007*** |
| (2.25) | (3.19) | |
| Type | −0.029*** | −0.062 |
| (−3.70) | (−1.59) | |
| Term | −0.004 | 0.010 |
| (−0.45) | (0.23) | |
| Lntop 3 | 0.025*** | 0.162*** |
| (2.71) | (3.87) | |
| Top 5 | 0.001*** | 0.007*** |
| (2.80) | (4.14) | |
| Position | −0.003 | 0.006 |
| (−0.41) | (0.15) | |
| Separation | 0.001** | 0.004 |
| (2.09) | (1.41) | |
| Balance | −0.008 | −0.041 |
| (−1.29) | (−1.34) | |
| Size | −0.002 | 0.076** |
| (−0.34) | (2.29) | |
| Lev | −0.002 | 0.019 |
| (−0.05) | (0.14) | |
| Bm | −0.078** | −0.245 |
| (−2.51) | (−1.50) | |
| State | 0.024* | 0.076 |
| (1.96) | (0.91) | |
| Constant | −0.028 | −1.002*** |
| (−0.52) | (−3.59) | |
| Observations | 1143 | 1133 |
| R-squared | 0.046 | 0.086 |
| Industry | YES | YES |
| Year | YES | YES |