Dependent variable:

ROA

(1)

(GMM)

(2)

(GMM)

(3)

(GMM)

(4)

(GMM)

(5)

(GMM)

ROA_IT−1s

0.314***

0.327***

0.210**

0.291***

0.206***

(0.081)

(0.081)

(0.082)

(0.082)

(0.074)

Cr

1.829*

1.576

1.640*

1.526

1.005

(0.974)

(0.980)

(0.920)

(0.966)

(0.855)

Liquidity

2.018

2.064

0.018

2.088

−0.052

(1.382)

(1.417)

(1.417)

(1.382)

(1.297)

Der

−0.418

−0.437

−0.382

−0.402

−0.272

(0.314)

(0.313)

(0.294)

(0.309)

(0.276)

OP

34.56***

31.53***

26.28***

28.81***

30.65***

(4.215)

(2.196)

(3.337)

(4.160)

(4.979)

Rcp

0.008

(0.007)