The dependent variable

SA (model 4)

SA (model 5)

SA (6) model

Size

0.317***

(56.22)

Indep

0.759***

(56.21)

Common

0.0269***

(5.15)

Asset

0.194***

0.194***

0.194***

(81.18)

(81.16)

(81.18)

Roa

0.101 *

0.101 *

0.101 *

(1.65)

(1.65)

(1.65)

Growth

0.016

0.016

0.016

(1.32)

(1.32)

(1.32)

Lev

0.008***

0.008***

0.008***

(19.94)

(19.94)

(20.02)

Age

0.007***

0.007***

0.007***

(21.92)

(21.92)

(21.92)

_cons

2.7222***

2.651***

2.725***

(325.75)

(174.53)

(27.28)

N

5470

5470

5470