Roa

3.9448***

−0.7375**

0.1848**

−0.2532***

2.7693**

−0.6895**

0.1539*

−0.2572***

(2.74)

(−2.51)

(2.39)

(−4.01)

(2.17)

(−2.08)

(1.86)

(−4.02)

Loss

−0.1620

0.1037**

−0.0972***

0.0462***

−0.2578

0.1323***

−0.1026***

0.0438***

(−0.66)

(2.43)

(−8.19)

(5.23)

(−1.20)

(2.65)

(−7.99)

(4.72)

IIR

−0.3965

0.0455

−0.0055

−0.0441***

−0.8807***

0.1685**

−0.0270*

−0.0545***

(−1.47)

(0.93)

(−0.53)

(−4.20)

(−3.70)

(2.28)

(−1.83)

(−4.11)

Ret

0.0024

−0.0129

0.0155**

−0.0421***

0.0513

−0.0234

0.0177**

−0.0413***

(0.02)

(−0.47)

(2.56)

(−6.47)

(0.35)

(−0.72)

(2.59)

(−6.15)

Sd_Ret

4.1613***

−0.6359**

0.0798

0.0957

4.3706***

−0.8927**

0.1294

0.1173*

(3.07)

(−2.29)

(1.20)

(1.57)

(3.58)

(−2.40)

(1.54)

(1.71)

Big4

−0.1236

0.7133***

−0.0341***

−0.0349***

−0.2217

0.7403***

−0.0396***

−0.0372***

(−0.49)

(16.22)

(−4.05)

(−4.79)

(−0.99)

(14.66)

(−4.09)

(−4.86)

_cons

−9.5195***

7.0587***

−0.0575

4.1116***

−11.0321***

7.8653***

−0.2293

4.0437***

(−7.64)

(14.98)

(−0.38)

(42.25)

(−9.69)

(10.25)

(−1.06)

(30.61)

year

Control

Control

Control

Control

Control

Control

Control

Control

Industry

Control

Control

Control

Control

Control

Control

Control

Control

N

14958

14958

14958

14958

14958

14958

14958

14958

Prob > F/chi²

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000