VARIABLES | (OLS) ROE | (RE) ROE | (FE) ROE | (GMM) ROE | (SGMM) ROE |
Rcp | −0.004 | −0.004 | −0.008 | 0.003 | 0.002 |
| (0.005) | (0.005) | (0.006) | (0.007) | (0.008) |
Icp | −0.118 | −0.118 | −0.113 | −0.144 | −0.079 |
| (0.205) | (0.205) | (0.240) | (0.243) | (0.240) |
Pdp | 0.003 | 0.003 | 0.006*** | −0.003 | −0.002 |
| (0.002) | (0.002) | (0.002) | (0.003) | (0.003) |
Ccc | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 |
| (0.001) | (0.001) | (0.001) | (0.001) | (0.001) |
Cr | 3.278*** | 3.278*** | 4.044*** | 3.504*** | 3.662*** |
| (0.606) | (0.606) | (0.887) | (1.262) | (1.251) |
Liquidity | −1.177 | −1.177 | −0.848 | −1.230 | −1.100 |
| (1.194) | (1.194) | (1.307) | (1.859) | (1.891) |
OP | 15.20*** | 15.20*** | 17.25*** | 3.513 | 3.971 |
| (4.388) | (4.388) | (5.091) | (6.714) | (6.045) |
Der | −0.043 | −0.043 | 0.145 | 0.113 | 0.169 |
| (0.301) | (0.301) | (0.384) | (0.373) | (0.360) |
ROEit−1S |
|
|
| 0.512*** | 0.598*** |
|
|
|
| (0.075) | (0.061) |
Constant | −0.105 | −0.105 | −3.874** | 1.606 | 0.186 |
| (1.255) | (1.255) | (1.946) | (2.467) | (2.201) |
R-squared | 0.227 |
| 0.255 |
|
|
AR1 |
|
|
| 0.08 | −0.14* |
AR2 |
|
|
| 0.12 | 0.15 |
Sargan |
|
|
| 110.259*** | 114.15 |
Observations | 204 | 204 | 204 | 170 | 187 |