VARIABLES

H1a

H1b

H1c

H1d

H1e

COC

0.978

(1.62)

GE

−1.445***

(−5.38)

RQ

−4.267***

(−3.49)

ROL

−0.120

(−0.28)

POL

0.838

(1.24)

ROA

0.454***

0.305**

0.429***

0.412***

0.434***

(4.57)

(3.11)

(4.44)

(4.11)

(4.44)

lnAsset

0.0517

0.355***

0.00147

0.193**

0.192***

(0.52)

(5.67)

(0.02)

(3.13)

(3.48)

NIIr

0.493

0.743**

0.533*

0.570*

0.529*

(1.90)

(2.90)

(2.08)

(2.21)

(2.05)

_cons

3.922**

0.330

3.066***

1.836*

2.344**

(2.88)

(0.47)

(4.28)

(2.25)

(3.29)

Observations

1165

1165

1165

1165

1165

Adj.R2(r2_p)

0.0035

0.0406

0.0019

0.0202

0.0200