YS

FAM

INST

VOL

GAR

INCT

PUBL

LEV

ROA

FAM

−0.0714 [0.4463]

1000

INST

−0.0286 [0.7698]

−0.4727 [0.0410]

1000

VOL

0.1527 [0.0027]

−0.0489 [0.6020]

−0.0366 [0.7082]

1000

GAR

0.1117 [0.0284]

0.2731 [0.0030]

0.3699 [0.0001]

−0.0818 [0.1092]

.000

INCT

−0.3072 [0.0000]

0.3009 [0.0010]

−0.0792 [0.4172]

0.0463

[0.3654]

0.2888 [0.0000]

1000

PUBL

0.2764 [0.0000]

−0.4203 [0.0000]

0.0581 [0.5521]

0.1102 [0.0307]

−0.5396 [0.0000]

−0.5038 [0.0000]

1000

LEV

0.1662 [0.0011]

0.0717 [0.4446]

0.1517 [0.1189]

0.0289

[0.5724]

0.1304

[0.0105]

0.0177

[0.7294]

−0.0603

[0.2375]

1000

ROA

−0.2517

[0.0000]

−0.1580

[0.0904]

0.1402

[0.1497]

−0.0086

[0.8658]

−0.3140

[0.0000]

−0.0515

[0.3134]

0.0967

[0.0580]

0.1455

[0.0042]

1000