OLS

2OLS

Model 1

Model 2

Model 3

Model 4

Model 5

PGap1

0.572***

3.028***

(15.80)

(11.58)

PGap2

0.604***

3.320***

(15.76)

(11.37)

Roa

1.674***

0.982***

1.018***

−2.008***

−1.935***

(5.76)

(3.38)

(3.52)

(−4.31)

(−4.16)

Mgr

1.986

2.022

2.133

2.142

2.808

(0.89)

(0.92)

(0.98)

(0.85)

(1.10)

Inr

0.880***

0.597***

0.590***

−0.647***

−0.715***

(5.90)

(4.05)

(4.01)

(−2.80)

(−2.99)

TQ

0.209***

0.167***

0.170***

−0.013

−0.007

(7.15)

(5.73)

(5.87)

(-0.35)

(−0.17)

Dual

0.072

0.097

0.101

0.206***

0.233***

(1.11)

(1.53)

(1.60)

(2.67)

(2.99)

Size

−0.175***

−0.384***

−0.386***

−1.285***

−1.331***

(−4.88)

(−10.18)

(-10.29)

(-12.19)

(-11.96)

Lev

0.493***

0.607***

0.593***

1.102***

1.044***

(2.64)

(3.31)

(3.24)

(5.18)

(4.92)

Age

−0.014**

−0.018***

−0.018***

−0.039***

−0.038***

(−2.24)

(−3.09)

(−3.04)

(−5.16)

(−4.90)

H5

0.039

0.057

0.061

0.195

0.158

(0.21)

(0.31)

(0.34)

(0.82)

(0.65)

Constant

3.126***

7.143***

7.923***

24.463***

29.500***

(4.17)

(9.18)

(10.04)

(11.97)

(11.85)

Kleibergen-Paaprk LMstatistic

201.653

188.039

[0.000]

[0.000]

Kleibergen-Paaprk Wald Fstatistic

213.520

197.377

{16.38}

{16.38}

N

10,719

10,719

10,719

10,719

10,719

R²

0.179

0.205

0.205

0.269

0.322