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