VARIABLES | Std_ROA | Std_TobinQ | ||||
Growth | Maturity | Recession | Growth | Maturity | Recession | |
rel200 | −0.000 | −0.000*** | −0.000** | −0.002 | −0.009*** | −0.010** |
| (−0.97) | (−2.99) | (−2.14) | (−0.81) | (−3.40) | (−2.53) |
lev | 0.030*** | 0.040*** | 0.054*** | −0.208 | 0.327** | 0.629*** |
| (4.31) | (9.04) | (11.83) | (−1.36) | (2.02) | (3.99) |
lnboard | −0.008* | −0.007 | −0.004 | −0.090 | −0.160 | −0.008 |
| (−1.94) | (−1.44) | (−0.59) | (−0.93) | (−1.38) | (−0.04) |
growth | 0.005*** | 0.003*** | 0.002** | 0.156*** | 0.074*** | 0.111*** |
| (5.92) | (3.61) | (2.10) | (5.76) | (2.96) | (4.37) |
C_size | −0.007*** | −0.009*** | −0.015*** | −0.253*** | −0.307*** | −0.579*** |
| (−7.69) | (−12.35) | (−13.39) | (−10.37) | (−10.84) | (−16.09) |
age | 0.001*** | 0.001*** | 0.001 | 0.027*** | 0.017*** | 0.026** |
| (4.86) | (4.30) | (1.45) | (3.78) | (2.62) | (2.56) |
H10 | 0.034*** | 0.025*** | 0.018** | 0.726*** | 0.545*** | 0.391* |
| (4.69) | (3.90) | (2.26) | (4.55) | (3.53) | (1.66) |
seperation | −0.000* | −0.000* | 0.000 | −0.001 | −0.001 | 0.007* |
| (−1.67) | (−1.82) | (0.20) | (−0.27) | (−0.45) | (1.87) |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.174*** | 0.226*** | 0.337*** | 6.154*** | 7.661*** | 13.091*** |
| (9.40) | (12.57) | (12.42) | (12.11) | (13.07) | (15.44) |
N | 3689 | 4344 | 2878 | 3689 | 4344 | 2878 |
adj. R-sq | 0.180 | 0.270 | 0.369 | 0.247 | 0.272 | 0.389 |