VARIABLES

(OLS)

ROA

(RE)

ROA

(FE)

ROA

(GMM)

ROA

(SGMM)

ROA

Rcp

−0.007*

−0.005

−0.003

0.009

0.002

(0.004)

(0.004)

(0.004)

(0.006)

(0.006)

Icp

0.018

0.0532

0.117

0.385**

0.455**

(0.150)

(0.151)

(0.157)

(0.178)

(0.177)

Pdp

0.011***

0.011***

0.010***

0.008***

0.009***

(0.001)

(0.001)

(0.002)

(0.002)

(0.002)

Ccc

−0.001

−0.001

−0.001

−0.001

−0.001**

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

Cr

−1.001**

−0.308

0.593

1.391*

−0.793

(0.444)

(0.499)

(0.582)

(0.823)

(0.618)

Liquidity

1.822**

1.621*

1.439*

−1.461

−0.745*

(0.875)

(0.859)

(0.857)

(1.316)

(1.265)

OP

33.56***

30.53***

25.28***

29.81***

37.52***

(3.215)

(3.196)

(3.337)

(5.160)

(4.654)

Der

0.330

0.007

−0.375

−0.185

−0.155

(0.221)

(0.234)

(0.252)

(0.267)

(0.262)

ROA_it−1S

0.335***

0.126**

(0.084)

(0.060)

Constant

−4.193***

−4.315***

−3.609***

−1.970

−1.174

(0.920)

(1.149)

(1.275)

(1.666)

(1.553)

Hausman test

33.67

AR1

−5.19**

−0.12

AR2

0.85

0.14

Sergan

113.48

112.44

Observations

204

204

204

170

187

R-squared

0.746

0.551