| (1) | (2) | (3) | (4) | (5) |
| DA | SREM | ACFO | APROD | ADISEXP |
ICQ | −0.0206** | −0.0404* | −0.0161** | −0.0222* | −0.00199 |
| (−2.79) | (−2.30) | (−2.81) | (−2.10) | (−0.38) |
GROWTH | 0.0352*** | 0.113*** | 0.0251*** | 0.0633*** | 0.0241*** |
| (7.29) | (8.36) | (7.47) | (5.51) | (7.01) |
ROE | −0.0243 | 0.411*** | 0.105*** | 0.227*** | 0.0795*** |
| (−1.37) | (8.13) | (7.51) | (6.34) | (5.85) |
SIZE | −0.00686*** | −0.0119*** | −0.00386*** | −0.00428* | −0.00379*** |
| (−6.60) | (−4.44) | (−4.31) | (−2.39) | (−4.30) |
LEV | 0.0520*** | 0.0774*** | 0.0294*** | 0.0437*** | 0.00431 |
| (8.30) | (4.43) | (5.47) | (3.57) | (0.85) |
STATE | −0.00593** | −0.00316 | −0.000992 | −0.00394 | 0.00177 |
| (−2.63) | (−0.52) | (−0.50) | (−0.99) | (0.87) |
_cons | 0.326*** | 0.652*** | 0.232*** | 0.280*** | 0.140*** |
| (7.00) | (5.72) | (6.10) | (3.89) | (4.13) |
Year | Fixed | Fixed | Fixed | Fixed | Fixed |
Ind | Fixed | Fixed | Fixed | Fixed | Fixed |
N | 4116 | 4116 | 4116 | 4116 | 4116 |
Adj. R2 | 0.1033 | 0.1459 | 0.0833 | 0.1140 | 0.0689 |