Variables

(5)

(6)

(7)

(8)

Roa

Opps

Roa

Opps

Inc

0.003***

−0.002

0.003***

0.082***

(2.93)

(−0.10)

(2.92)

(2.95)

Incmarket

−0.001

−0.116***

(−1.08)

(−3.88)

Type

−0.001

−0.076

−0.001

−0.083*

(−0.53)

(−1.59)

(−0.56)

(−1.76)

Term

0.004*

0.054

0.004*

0.052

(1.87)

(0.97)

(1.86)

(0.95)

Lntop 3

0.011***

0.224***

0.011***

0.204***

(5.79)

(5.62)

(5.63)

(5.09)

Top 5

0.001***

0.010***

0.001***

0.010***

(8.41)

(6.11)

(8.42)

(6.31)

Position

0.004**

0.057

0.004**

0.071

(2.24)

(1.26)

(2.30)

(1.51)

Separation

0.000

−0.001

0.000

−0.002

(0.41)

(−0.42)

(0.33)

(−0.75)

Balance

0.002

−0.037

0.002

−0.027

(1.30)

(−1.12)

(1.38)

(−0.81)

Size

0.005***

0.140***

0.005***

0.123***

(3.69)

(3.79)

(3.56)

(3.53)

Lev

−0.091***

−0.240

−0.092***

−0.305*

(−13.49)

(−1.52)

(−13.48)

(−1.87)

Bm

−0.080***

−0.396***

−0.081***

−0.452***

(−9.46)

(−2.64)

(−9.47)

(−3.03)

State

−0.013***

−0.018

−0.013***

−0.031

(−3.99)

(−0.21)

(−4.02)

(−0.35)

Constant

−0.001

−1.537***

0.001

−1.343***

(−0.06)

(−4.19)

(0.09)

(−3.82)

Observations

1143

1143

1143

1143

R-squared

0.331

0.094

0.331

0.108