Variable

Panel B

Regression analysis with ROA controlling variable

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Constant

−0.0431

−0.1836^**

0.1357^***

0.0257

0.0006

−0.0619^***

−0.0021

0.0005

0.0058^**

−0.0018

(−1.6742)

(−2.3168)

(5.3576)

(0.6601)

(0.0582)

(−3.1095)

(−0.0750)

(0.0210)

(2.1249)

(−0.4624)

DY

−0.0586

−0.0544

−0.3774^***

−0.5961

0.3906^***

−0.4131

−0.2905

−0.5141^*

−0.0941

0.1825

(−0.3467)

(−0.4502)

(−3.5505)

(−1.1633)

(3.0969)

(−1.4069)

(−0.8720)

(−1.9844)

(−0.7373)

(0.8638)

TAG

−0.0469

0.0395

0.1259

−0.0039

0.0006

−0.4630^***

0.0202

−0.0050

−0.3413^***

−0.1604^***

(−0.5525)

(0.3526)

(1.5260)

(−0.0268)

(0.0124)

(−2.8639)

(0.1333)

(−0.0648)

(−4.9563)

(−3.0233)

SG

0.0833

0.0988

−0.0479

−0.0899

0.0374

0.4237^***

−0.1131

0.0567

0.0031

0.1678^**

(0.9967)

(0.8176)

(−0.6131)

(−0.6174)

(0.6286)

(3.1760)

(−0.7736)

(0.9111)

(0.0833)

(2.6881)

EPSSP

−0.0083

−0.0430

−0.2393^**

0.0308

0.0129

0.2773

0.4491

0.6453^***

0.1358

−0.1148

(−0.0490)

(−0.3596)

(−2.3503)

(0.0598)

(0.1031)

(0.6124)

(1.2758)

(2.8630)

(1.0466)

(−0.6130)

CI

0.4136^***

0.5206^***

0.5292^***

0.6012^***

0.7507^***

1.1085^***

0.7608^***

0.7951^***

1.1539^***

1.0392^***

(6.1628)

(3.5455)

(5.6119)

(3.7479)

(12.4659)

(11.4150)

(8.1698)

(12.0700)

(33.6311)

(30.3811)

ROA

1.0158^***

1.0745^***

0.9391^***

1.1000^***

−0.5674^***

−0.1257

−0.4002^**

−0.1941^**

−0.0694

−0.0976

(17.4666)

(9.2542)

(14.2698)

(10.9159)

(−6.7221)

(−0.5136)

(−2.2838)

(−2.1479)

(−1.2761)

(−1.2721)

R²

0.9753

0.8945

0.9399

0.8985

0.9705

0.9369

0.9307

0.9803

0.9927

0.9872

Adjusted R²

0.9569

0.8369

0.9199

0.8580

0.9595

0.9132

0.9047

0.9729

0.9899

0.9824

F

52.7418^***

15.5415^***

46.9551^***

22.1399^***

87.8595^***

39.5932^***

35.8237^***

132.6655^***

361.8560^***

205.6436^***