(1)

(2)

(3)

(4)

m1

m2

m3

m4

VARIABLES

csr

csr

csr

csr

Po-L

0.115***

0.113***

1.106***

1.108***

(3.72e−07)

(0.000513)

(4.29e−06)

(4.20e−06)

rp

0.0466

−0.0222

(0.926)

(0.964)

lis

0.634***

0.635***

0.628***

0.627***

(2.10e−10)

(2.19e−10)

(2.98e−10)

(3.13e−10)

ind

0.0503***

0.0503***

0.0506***

0.0506***

(0.000103)

(0.000103)

(8.93e−05)

(8.77e−05)

age

−0.00360

−0.00420

0.801***

0.803***

(0.983)

(0.980)

(0.00192)

(0.00172)

size

1.071***

1.072***

1.070***

1.070***

(0)

(0)

(0)

(0)

roa

2.187

2.118

2.262

2.295

(0.385)

(0.294)

(0.375)

(0.271)

ap

−0.346***

−0.347***

(3.84e−05)

(3.56e−05)

Constant

−13.39***

−13.40***

−15.69***

−15.69***

(0)

(0)

(0)

(0)

Observations

3,876

3,876

3,876

3,876