Dependent variable:

ROE

(1)

(FE)

(2)

(FE)

(3)

(FE)

(4)

(FE)

(5)

(FE)

Cr

4.198***

4.080***

4.282***

4.058***

4.160***

(0.924)

(0.924)

(0.896)

(0.917)

(0.888)

Liquidity

1.758

1.899

0.525

2.131*

0.250

(1.169)

(1.163)

(1.202)

(1.166)

(1.195)