(1)

(2)

(3)

(4)

(5)

DA

SREM

ACFO

APROD

ADISEXP

ICQ

−0.0206**

−0.0404*

−0.0161**

−0.0222*

−0.00199

(−2.79)

(−2.30)

(−2.81)

(−2.10)

(−0.38)

GROWTH

0.0352***

0.113***

0.0251***

0.0633***

0.0241***

(7.29)

(8.36)

(7.47)

(5.51)

(7.01)

ROE

−0.0243

0.411***

0.105***

0.227***

0.0795***

(−1.37)

(8.13)

(7.51)

(6.34)

(5.85)

SIZE

−0.00686***

−0.0119***

−0.00386***

−0.00428*

−0.00379***

(−6.60)

(−4.44)

(−4.31)

(−2.39)

(−4.30)

LEV

0.0520***

0.0774***

0.0294***

0.0437***

0.00431

(8.30)

(4.43)

(5.47)

(3.57)

(0.85)

STATE

−0.00593**

−0.00316

−0.000992

−0.00394

0.00177

(−2.63)

(−0.52)

(−0.50)

(−0.99)

(0.87)

_cons

0.326***

0.652***

0.232***

0.280***

0.140***

(7.00)

(5.72)

(6.10)

(3.89)

(4.13)

Year

Fixed

Fixed

Fixed

Fixed

Fixed

Ind

Fixed

Fixed

Fixed

Fixed

Fixed

N

4116

4116

4116

4116

4116

Adj. R2

0.1033

0.1459

0.0833

0.1140

0.0689