Variables

Expected sign

Model 1

Model 2

No. of observations

116

107

FAM

+/−

0.009935 [0.326]

n/a

INST

n/a

−0.026823 [0.011]

VOL

−0.005287 [0.011]

−0.006551 [0.067]

GAR

+

0.007687 [0.272]

0.024210 [0.000]

INCT

−0.001095 [0.821]

−0.017073 [0.000]

PUBL

0.029748 [0.000]

0.037067 [0.000]

LEV

+

−0.004913 [0.564]

0.011129 [0.363]

ROA

0.007862 [0.717]

−0.038007 [0.147]

CONS

0.038854 [0.008]

0.054590 [0.003]

F

(7.108) = 12.80

(7.99) = 10.29

Prob > F

0.0000

0.0000

R2

0.2268

0.4311