Variable

ROA

MVBV

Total

Sample I

Sample II

Total

Sample 1

Sample II

Growth

0.075***

0.053***

0.083***

0.696***

0.709***

0.502***

Tangibility

−0.058***

−0.038***

−0.073***

−0.318

−0.736**

−0.244

Size

0.012***

0.013***

0.015***

0.028

0.058

0.051

L_TDR

0.090***

0.006

0.159***

1.241***

1.203***

1.421***

L_ROA

0.032

0.687

−0.213

NDTS

−0.265**

−0.079

−0.368**

2.227

4.611*

0.544

Age

0.018***

0.017***

0.002***

−0.054***

−0.055***

−0.040***

Market_Inno

−0.018***

−0.011***

−0.189***

−0.072

Constant

−0.039***

−0.042***

−0.049***

0.406***

−0.049

0.475*

Number of obs.

21,863

9309

12554

21,863

9309

12554

Number of groups

1753

1249

1480

1753

1249

1480

Overall

0.094

0.0457

0.0865

0.035

0.0457

0.0214

F-statistic

43.59***

30.51***

20.91***

43.59***

30.51***

20.91***