Variable | (1a) ROA | (1b) ROA | (2a) MSW | (2b) MSH | (3a) ROA | (3b) ROA |
OMD | −0.0045 | −0.0161** | −0.2194** | −5.6446*** | −0.0124* | −0.0116 |
(−1.21) | (−2.27) | (−2.45) | (−11.11) | (−1.79) | (−1.61) | |
OMD2 |
| 0.0290** | 0.8102*** | 9.7089*** | 0.0162 | 0.0240 |
| (1.97) | (4.29) | (8.65) | (1.10) | (1.64) | |
OMD* MSW |
|
|
|
| −0.0022 |
|
|
|
|
| (−0.46) |
| |
OMD* MSH |
|
|
|
|
| 0.0021** |
|
|
|
|
| (2.03) | |
MSW |
|
|
|
| 0.0168*** |
|
|
|
|
| (12.03) |
| |
MSH |
|
|
|
|
| 0.0010*** |
|
|
|
|
| (4.03) | |
Size | 0.0102*** | 0.0102*** | 0.3177*** | 0.1466** | 0.0048*** | 0.0098*** |
(10.99) | (11.00) | (26.66) | (2.22) | (4.60) | (10.63) | |
Lev | −0.1300*** | −0.1294*** | −0.8395*** | −3.7309*** | −0.1153*** | −0.1261*** |
(−19.99) | (−19.92) | (−12.34) | (−8.94) | (−17.20) | (−19.26) | |
Grow | 0.0333*** | 0.0332*** | 0.0634 | 1.6660*** | 0.0322*** | 0.0316*** |
(8.36) | (8.35) | (1.46) | (6.43) | (8.32) | (7.93) | |
Ocfps | 0.0067*** | 0.0067*** | 0.0223 | −0.2882*** | 0.0063*** | 0.0070*** |
(4.37) | (4.39) | (1.14) | (−2.64) | (4.18) | (4.57) | |
AT | 0.0283*** | 0.0282*** | 0.2135*** | −1.7072*** | 0.0246*** | 0.0302** |
(10.70) | (10.69) | (6.55) | (−10.85) | (9.71) | *(11.31) | |
Board | −0.0000 | 0.0001 | −0.0001 | −0.0749* | 0.0001 | 0.0005 |
(−0.09) | (0.13) | (−0.02) | (−1.95) | (0.13) | (0.22) | |
Cons | −0.1468*** | −0.1474*** | 7.5824*** | 14.9612*** | −0.2757*** | −0.1580*** |
(−7.69) | (−7.73) | (30.60) | (11.05) | (−12.93) |
| |
Obs | 3090 | 3090 | 3090 | 3090 | 3090 | 3090 |
R-squared | 0.2239 | 0.2248 | 0.2888 | 0.1240 | 0.2595 | 0.2300 |