| Dependent variables | FFV | |
| Groups | (1) | (2) |
| FVTPL | 0.285*** | −0.006 |
| (3.14) | (−0.44) | |
| FVTPL_FV1 | −0.988 | −0.513** |
| (−0.36) | (−2.21) | |
| FVTPL_FV2 | −6.614 | 0.160 |
| (−0.99) | (1.25) | |
| FVTPL_FV3 | −11.801*** | 0.478*** |
| (−4.58) | (4.85) | |
| SIZE | 0.000 | −0.001* |
| (1.20) | (−1.83) | |
| AR | 0.000 | −0.001 |
| (0.38) | (−1.11) | |
| CFO | −0.000 | 0.000 |
| (−1.07) | (0.64) | |
| GROWTH | 0.000 | 0.001 |
| (0.59) | (0.77) | |
| ROA | 0.004 | 0.005 |
| (0.60) | (0.51) | |
| ROE | 0.000 | 0.001 |
| (0.04) | (0.21) | |
| RRec | −0.003 | 0.002 |
| (−1.54) | (0.62) | |
| Year | 0.000 | 0.000 |
| (1.14) | (0.87) | |
| Ind | 0.000 | 0.000 |
| (0.12) | (0.90) | |
| Constant | −0.393 | −0.437 |
| (−1.17) | (−0.85) | |
| Observations | 108 | 108 |
| R-squared | 0.277 | 0.436 |