Variables

2013

2014

2015

Pooled

Intercept

−15.323

−14.590

−14.454

−14.199

(−8.633)***

(−8.012)***

(−8.633)***

(−14.22)***

Firm size

2.527

2.548

2.496

2.482

(16.80)***

(16.336)***

17.399***

28.883***

B/M

0.251

0.335

0.502

0.345

(3.086)***

(3.597)***

(4.448)***

(6.455)***

Beta

0.324

−0.378

−1.065

−0.607

(0.388)

(−0.538)

(−1.828)*

(−1.547)

Exports-ratio

0.032

0.017

0.007

0.019***

(3.354)***

(1.589)

(0.711)

(3.347)

Adjusted R²

0.257

0.242

0.261

0.251

F-statistic

78.528

74.699

83.691

231.539