ROA

−4.168

(−1.374)

−4.019

(−1.348)

CFO

0.409

(0.233)

0.273

(0.153)

INVTA

−1.342

(−1.252)

−1.304

(−1.191)

RECTA

1.892

(1.634)

1.874

(1.562)

GRTH

0.476***

(3.470)

0.485***

(3.584)

SOE

−0.365

(−1.436)

−0.301

(−1.171)

ICBIG10

0.223

(0.947)

0.090

(0.363)

_cons

26.347***

(5.170)

24.648***

(4.989)

Industry & Year

Control

Control

N

3273

3273

Pseudo R2

0.245

0.246

Wald chi2

224.369

231.191