Variables

(9)

(10)

(11)

(12)

Roa

opps

Roa

opps

Ratio

0.000***

0.008***

0.000

0.005

(5.30)

(3.65)

(0.91)

(1.28)

Type

−0.001

−0.062

−0.002

−0.206**

(−0.53)

(−1.32)

(−0.32)

(−2.54)

Term

0.004**

0.062

0.003

0.082

(2.28)

(1.16)

(0.46)

(0.96)

Lntop 3

0.011***

0.219***

0.020**

0.243***

(5.74)

(5.61)

(2.64)

(2.82)

Top 5

0.001***

0.009***

0.001***

0.014***

(7.75)

(5.55)

(2.83)

(3.47)

Position

0.004**

0.047

0.009

0.031

(2.14)

(1.05)

(1.25)

(0.36)

Separation

0.000

−0.001

0.000

−0.006

(0.74)

(−0.20)

(0.20)

(−0.88)

Balance

0.002

−0.041

0.002

−0.038

(1.13)

(−1.23)

(0.32)

(−0.67)

Zize

0.004***

0.128***

0.007

0.168**

(3.02)

(3.39)

(1.13)

(2.23)

Lev

−0.087***

−0.210

−0.108***

−0.456

(−13.07)

(−1.32)

(−3.38)

(−1.24)

Bm

−0.075***

−0.349**

−0.094***

−0.461

(−8.97)

(−2.36)

(−3.25)

(−1.38)

State

−0.014***

−0.035

−0.019

−0.305

(−4.65)

(−0.40)

(−0.61)

(−0.86)

Constant

0.002

−1.577***

−0.057

−1.893***

(0.12)

(−4.22)

(−1.17)

(−3.37)

Observations

1143

1143

84

84

R-squared

0.342

0.105

0.397

0.415

Industry

YES

YES

YES

YES

Year

YES

YES

YES

YES