(1)

(2)

(3)

(4)

(5)

DA

SREM

ADISEXP

ACFO

APROD

ICQ

0.00197

−0.0852^***

−0.0166^**

−0.0295^***

−0.0391^**

(0.15)

(−4.26)

(−2.89)

(−3.43)

(−3.05)

LCGROWTH

0.170

−0.570^***

−0.174^**

−0.153^*

−0.243^*

(1.69)

(−3.49)

(−3.17)

(−2.37)

(−2.36)

LCMATURE

0.260^**

−0.649^**

−0.155^*

−0.271^***

−0.223

(2.58)

(−2.87)

(−2.12)

(−3.63)

(−1.81)

LCGROWTH × ICQ

−0.0301

0.0768^**

0.0270^**

0.0164

0.0333^*

(−1.95)

(3.02)

(3.18)

(1.65)

(2.08)

LCMATURE × ICQ

−0.0419^**

0.0942^**

0.0247^*

0.0373^**

0.0322

(−2.70)

(2.70)

(2.19)

(3.23)

(1.68)

GROWTH

0.0356^***

0.113^***

0.0244^***

0.0250^***

0.0634^***

(7.35)

(8.39)

(7.11)

(7.74)

(5.51)

ROE

−0.0171

0.437^***

0.0767^***

0.124^***

0.237^***

(−0.95)

(8.69)

(5.67)

(9.08)

(6.61)

SIZE

−0.00550^***

−0.00811^**

−0.00394^***

−0.00134

−0.00283

(−5.28)

(−3.04)

(−4.41)

(−1.53)

(−1.60)

LEV

0.0508^***

0.0707^***

0.00599

0.0236^***

0.0411^***

(8.12)

(4.14)

(1.19)

(4.59)

(3.40)

STATE

−0.00613^**

−0.00386

0.00159

−0.00125

−0.00420

(−2.76)

(−0.65)

(0.78)

(−0.67)

(−1.06)

_cons

0.163

0.895^***

0.234^***

0.290^***

0.371^***

(1.91)

(6.69)

(6.11)

(5.11)

(4.25)

Year

Fixed

Fixed

Fixed

Fixed

Fixed

Ind

Fixed

Fixed

Fixed

Fixed

Fixed

N

4116

4116

4116

4116

4116

Adj. R²

0.1292

0.1719

0.0722

0.1844

0.1230