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| Model I ROA | Model II TBQ | Model III ROA | Model IV TBQ | Model V ROA | Model VI TBQ |
| Corporate Scale | 0.0440*** | −1.631*** | 0.0441*** | −1.570*** | 0.0440*** | −1.578*** |
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| (0.00622) | (0.0874) | (0.00630) | (0.0882) | (0.00631) | (0.0882) |
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| Corporate Age | −0.0105*** | −0.00991 | −0.0105*** | −0.00805 | −0.0105*** | −0.00750 |
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| (0.00130) | (0.0183) | (0.00130) | (0.0182) | (0.00130) | (0.0182) |
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| Asset &Liability | −0.331*** | 0.317 | −0.331*** | 0.320 | −0.331*** | 0.306 |
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| (0.0150) | (0.211) | (0.0150) | (0.210) | (0.0150) | (0.210) |
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| Financial Leverage | 0.000228 | −0.00224 | 0.000227 | −0.00268 | 0.000232 | −0.00239 |
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| (0.000418) | (0.00587) | (0.000418) | (0.00585) | (0.000418) | (0.00585) |
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| First Majority Shareholder | −0.000102 | −0.00732 | −0.000103 | −0.00784 | −0.000104 | −0.00796 |
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| (0.000452) | (0.00635) | (0.000452) | (0.00633) | (0.000452) | (0.00632) |
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| HI |
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| −0.00161 | −0.844*** | −0.0194 | −1.909*** |
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| (0.0140) | (0.196) | (0.0373) | (0.521) |
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| (HI)2 |
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| 0.0268 | 1.606** |
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| (0.0521) | (0.729) |
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| Constant | −0.614*** | 38.52*** | −0.616*** | 37.47*** | −0.613*** | 37.68*** |
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| (0.124) | (1.743) | (0.125) | (1.753) | (0.125) | (1.754) |
| N | 2652 | 2652 | 2652 | 2652 | 2652 | 2652 |
| R2 | 0.198 | 0.215 | 0.198 | 0.222 | 0.199 | 0.224 |
| Adjusted R2 | 0.036 | 0.057 | 0.036 | 0.064 | 0.036 | 0.066 |
| F | 2.82*** | 10.03*** | 2.82*** | 10.15*** | 2.81*** | 10.18*** |