Model

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

State

0.848***

1.017***

Supv

−0.0665

0.0812

Board

0.0361

0.0692*

Ind

1.433

−0.132

Dual

−0.229***

−0.296***

Top1

−0.00579

0.00159

Countb

0.117

0.0942

Manho

−0.287

−0.418*

Orectl

−6.535**

−5.844*

−5.114**

−5.462***

−5.403***

−5.494***

−5.405***

−5.433***

−5.993***

Acf

−0.0875

0.232

0.547

0.399

0.561

0.414

0.586*

0.549

0.356

Lev

0.783**

1.076***

1.230***

1.160***

1.252***

1.105***

1.260***

1.251***

1.109***

Size

−0.127***

−0.100***

−0.0791***

−0.101***

−0.0754**

−0.0863***

−0.0786***

−0.0877***

−0.0819***

Roa

3.783

3.54

2.865

2.961

3.027

3.163

2.989

3.221

3.208

Income

−0.0651

−0.0695

−0.139

−0.138

−0.145

−0.135

−0.145

−0.152

−0.108

Pseudo R2

0.0631

0.0501

0.0199

0.0222

0.0181

0.0234

0.0183

0.0206

0.0249

N

323

324

323

324

324

324

324

324

324