| All Resfee | All Resfee | All Resfee | Resfee > 0 | Resfee < 0 |
| (1) | (2) | (3) | (4) | (5) |
Resfee | −0.0601*** (−52.41) | −0.0599*** (−48.76) | −0.0588*** (−52.42) | −0.0583*** (−27.40) | −0.0437*** (−13.74) |
Lev | 0.0587*** (12.60) |
| 0.0641*** (13.74) | 0.0619*** (8.65) | 0.0682*** (10.99) |
Roa | −0.1689*** (−25.04) |
| −0.1658*** (−25.03) | −0.1695*** (−16.24) | −0.1589*** (−19.08) |
Cashf | −0.0329*** (−3.06) |
| −0.0254** (−2.36) | −0.0517*** (−2.90) | −0.0023 (−0.18) |
Big10 |
| −0.0215*** (−12.03) | −0.0203*** (−12.47) | −0.0232*** (−8.35) | −0.0166*** (−7.97) |
Inv |
| 0.0467*** (7.19) | 0.0340*** (5.41) | 0.0375*** (3.63) | 0.0275*** (3.59) |
Sqsub |
| −0.0144*** (−10.53) | −0.0162*** (−12.92) | −0.0182*** (−8.86) | −0.0141*** (−9.15) |
con |
| 0.0982*** (20.56) | 0.0785*** (15.96) | 0.0763*** (9.69) | 0.0809*** (13.08) |
Ind | control | control | control | control | control |
Year | control | control | control | control | control |
f | 255.09*** | 205.49*** | 257.68*** | 120.97*** | 104.00*** |
adj | 0.5833 | 0.5298 | 0.6102 | 0.6205 | 0.5176 |
n | 5083 | 5083 | 5083 | 2202 | 2881 |