Models | Model (2-1) AFS | Model (2-2) FFV | Model (2-3) IE | |||
Groups | (1) | (2) | (1) | (2) | (1) | (2) |
FV1 | 0.682*** | −0.030 | 0.022 | −0.037* | 0.239* | −0.056 |
(4.97) | (−0.57) | (1.38) | (−3.06) | (1.85) | (−0.94) | |
FV2 | 0.467*** | 0.174*** | −0.007 | 0.013 | 0.090 | −0.055 |
(3.36) | (3.96) | (−0.47) | (1.30) | (0.69) | (−1.10) | |
FV3 | 0.568*** | −0.001 | −0.038* | 0.051*** | 0.580*** | 0.053 |
(3.11) | (−0.04) | (−1.84) | (5.62) | (3.37) | (1.19) | |
SIZE | −0.003 | −0.000 | 0.000 | −0.000 | 0.002 | 0.000 |
(−1.38) | (−0.19) | (0.08) | (−1.44) | (0.83) | (0.17) | |
AR | −0.012*** | −0.002 | −0.000 | −0.000 | 0.001 | 0.005 |
(−2.95) | (−0.85) | (−0.06) | (−0.74) | (0.20) | (1.48) | |
CFO | −0.000 | −0.000 | −0.000 | 0.000 | −0.000 | −0.000** |
(−1.10) | (−0.73) | (−0.72) | (0.62) | (−1.47) | (−2.30) | |
GROWTH | 0.020** | 0.008 | 0.000 | 0.002 | 0.016** | −0.001 |
(2.46) | (1.09) | (0.15) | (1.13) | (2.11) | (−0.17) | |
ROA | 0.140** | 0.004 | 0.003 | 0.001 | 0.073 | −0.027 |
(2.06) | (0.10) | (0.38) | (0.06) | (1.13) | (−0.53) | |
ROE | −0.040 | 0.009 | 0.001 | 0.001 | −0.001 | 0.028 |
(−1.35) | (0.49) | (0.21) | (0.37) | (−0.04) | (1.43) | |
RRec | 0.000 | 0.051*** | −0.003 | 0.000 | −0.032* | −0.042** |
(0.01) | (3.45) | (−1.24) | (0.04) | (−1.72) | (−2.51) | |
Year | 0.001 | 0.006*** | 0.000* | 0.000 | 0.000 | −0.001 |
(0.35) | (4.97) | (1.77) | (1.63) | (0.29) | (−0.58) | |
Ind | −0.000 | −0.000 | 0.000 | 0.000 | 0.000* | 0.000 |
(−0.37) | (−0.62) | (1.00) | (0.98) | (1.88) | (0.86) | |
Constant | −1.125 | −12.141*** | −0.709* | −0.908 | −1.008 | 1.598 |
(−0.32) | (−4.97) | (−1.78) | (−1.61) | (−0.30) | (0.58) | |
Observations | 108 | 108 | 108 | 108 | 108 | 108 |
R-squared | 0.541 | 0.372 | 0.107 | 0.389 | 0.335 | 0.182 |