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