|
| First stage of Heckman model | Second stage of Heckman model |
|
| Model (3) | Model (4) |
| Dep. Var.: | N_cd | ROE |
|
|
|
|
| ROE | 0.0125*** |
|
|
| (0.0015) |
|
| lev | −0.5288*** | −10.9051*** |
|
| (0.0795) | (1.2761) |
| size | 0.4672*** |
|
|
| (0.0147) |
|
| lnpind_N | 0.0881*** |
|
|
| (0.0205) |
|
| SOE | 0.1226*** | −4.2534*** |
|
| (0.0312) | (0.4352) |
| ln_N |
| −0.5731** |
|
|
| (0.2300) |
| ln_dona |
| 0.0920*** |
|
|
| (0.0292) |
| IMR |
| −8.1843*** |
|
|
| (0.6091) |
| R-squared |
| 0.1764 |
| Time fixed effects | Yes | Yes |