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