Firm

Intercept

(=b)

R²

Before Crisis

Business group

0.08791**

(1.99)

0.108166***

(2.83)

0.0663

Independent

−0.00203

(0.09)

0.088447***

(4.58)

0.0372

After Crisis

Business group

0.00730

(0.39)

0.074009***

(6.44)

0.1227

Independent

0.04701***

(4.18)

0.039600***

(4.98)

0.0340

Whole Period

Business group

−0.00036

(0.01)

0.081475***

(5.50)

0.2237

Independent

0.03652***

(2.70)

0.052345***

(6.08)

0.0817