(0.205)

(0.257)

(−0.318)

(−0.508)

ROA

−0.173

−0.210

−6.101

−5.280

(−0.036)

(−0.044)

(−1.411)

(−1.271)

CFO

3.506

3.590

−2.095

−2.437

(1.240)

(1.252)

(−0.925)

(−1.106)

INVTA

−0.115

−0.062

−1.976

−2.095

(−0.082)

(−0.044)

(−1.398)

(−1.419)

RECTA

2.273

2.307

0.405

0.526

(1.463)

(1.429)

(0.249)

(0.315)

GRTH

0.495**

0.513**

0.573***

0.565***

(2.128)

(2.219)

(3.037)

(3.079)

ICBIG10

0.223

0.145

0.131

−0.056

(0.709)

(0.429)

(0.335)

(−0.148)

_cons

22.366***

21.038***

42.956***

38.905***

(3.718)

(3.577)

(4.623)

(4.559)

Industry & Year

Control

Control

N

2208

901

Pseudo R2

0.257

0.256

0.279

0.281

Wald chi2

196.476

194.082

88.949

94.512