Variable

Panel B

Regression analysis two all controlling variables

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Constant

−0.1338

0.0387

0.3505

0.8270^***

−0.0458

−0.6185^**

−0.7674^***

−0.2767

0.1035^***

−0.0231

(−0.6593)

(0.0753)

(1.0692)

(3.0937)

(−0.3384)

(−2.2248)

(−4.3901)

(−1.4074)

(3.0388)

(−0.4142)

DY

0.0310

0.0083

−0.1822

−0.7607^**

0.3698^**

−0.3731

−0.0722

−0.5595^**

−0.3087^**

0.1149

(0.3005)

(0.0963)

(−1.1812)

(−2.1886)

(2.4119)

(−0.8267)

(−0.2845)

(−2.3513)

(−2.4185)

(0.4448)

TAG

−0.0712

0.0116

0.0642

−0.0757

0.0061

−0.1783

−0.0115

0.0137

−0.1691^**

−0.1567^**

(−1.4404)

(0.0795)

(0.6629)

(−0.7166)

(0.1194)

(−0.8443)

(−0.1260)

(0.1992)

(−2.1193)

(−2.6519)

SG

0.0346

−0.0309

0.0039

−0.1466

0.0518

0.2551

0.0879

0.1241^*

−0.0450

0.1480

(0.6300)

(−0.2968)

(0.0381)

(−1.3997)

(0.7233)

(1.5422)

(0.9196)

(1.8996)

(−1.2918)

(1.6448)

EPSSP

−0.6300

0.0595

−0.0994

−0.0638

0.1006

0.3547

0.3230

0.6232^***

0.3589^**

−0.0631

(−0.3289)

(0.7296)

(−0.7570)

(−0.1728)

(0.3950)

(0.4969)

(1.1973)

(3.0426)

(2.6943)

(−0.2645)

CI

0.2990^***

0.2211

0.4371^***

0.4627^***

0.7709^***

1.0561^***

0.7410^***

0.8055^***

1.0993^***

1.0538^***

(6.9591)

(1.2747)

(3.3193)

(3.9691)

(9.5417)

(9.7669)

(13.2327)

(12.5762)

(30.5890)

(22.9165)

FS

0.0909

−0.0056

−0.1062

−0.2322^**

0.0202

0.2270^*

0.2326^***

0.0735

−0.0997^***

0.0295

(0.9094)

(−0.0220)

(−0.7216)

(−2.5203)

(0.2630)

(1.8230)

(4.0248)

(1.4111)

(−2.8769)

(0.4255)

ROA

1.0557^***

1.1238^***

0.9469^***

0.9606^***

−0.5862

−0.3020

−0.6737^***

−0.2863^***

0.0602

−0.1033

(18.0157)

(7.0826)

(9.6106)

(11.5889)

(−0.5861)

(−0.9045)

(−5.6981)

(−3.0790)

(0.8759)

(−1.1065)

R²

0.9970

0.9677

0.9561

0.9636

0.9712

0.9538

0.9799

0.9880

0.9959

0.9880

Adjusted R²

0.9916

0.9314

0.9232

0.9362

0.9513

0.9218

0.9660

0.9796

0.9930

0.9797

F

185.3767^***

26.6546^***

29.0488^***

35.2652^***

48.7496^***

29.8049^***

70.5420^***

118.5317^***

349.7507^***

118.9112^***