| (1) | (2) | (3) | (4) | (5) |
| DA | SREM | ADISEXP | ACFO | APROD |
ICQ | 0.00197 | −0.0852*** | −0.0166** | −0.0295*** | −0.0391** |
| (0.15) | (−4.26) | (−2.89) | (−3.43) | (−3.05) |
LCGROWTH | 0.170 | −0.570*** | −0.174** | −0.153* | −0.243* |
| (1.69) | (−3.49) | (−3.17) | (−2.37) | (−2.36) |
LCMATURE | 0.260** | −0.649** | −0.155* | −0.271*** | −0.223 |
| (2.58) | (−2.87) | (−2.12) | (−3.63) | (−1.81) |
LCGROWTH × ICQ | −0.0301 | 0.0768** | 0.0270** | 0.0164 | 0.0333* |
| (−1.95) | (3.02) | (3.18) | (1.65) | (2.08) |
LCMATURE × ICQ | −0.0419** | 0.0942** | 0.0247* | 0.0373** | 0.0322 |
| (−2.70) | (2.70) | (2.19) | (3.23) | (1.68) |
GROWTH | 0.0356*** | 0.113*** | 0.0244*** | 0.0250*** | 0.0634*** |
| (7.35) | (8.39) | (7.11) | (7.74) | (5.51) |
ROE | −0.0171 | 0.437*** | 0.0767*** | 0.124*** | 0.237*** |
| (−0.95) | (8.69) | (5.67) | (9.08) | (6.61) |
SIZE | −0.00550*** | −0.00811** | −0.00394*** | −0.00134 | −0.00283 |
| (−5.28) | (−3.04) | (−4.41) | (−1.53) | (−1.60) |
LEV | 0.0508*** | 0.0707*** | 0.00599 | 0.0236*** | 0.0411*** |
| (8.12) | (4.14) | (1.19) | (4.59) | (3.40) |
STATE | −0.00613** | −0.00386 | 0.00159 | −0.00125 | −0.00420 |
| (−2.76) | (−0.65) | (0.78) | (−0.67) | (−1.06) |
_cons | 0.163 | 0.895*** | 0.234*** | 0.290*** | 0.371*** |
| (1.91) | (6.69) | (6.11) | (5.11) | (4.25) |
Year | Fixed | Fixed | Fixed | Fixed | Fixed |
Ind | Fixed | Fixed | Fixed | Fixed | Fixed |
N | 4116 | 4116 | 4116 | 4116 | 4116 |
Adj. R2 | 0.1292 | 0.1719 | 0.0722 | 0.1844 | 0.1230 |