(1) TOBINQ

(2) ROA

INST

1.044^***

0.037^***

(0.179)

(0.011)

TOP

−0.089^***

−0.002^***

(0.009)

(0.001)

TOPSQ

11.481^***

0.240^***

(1.140)

(0.065)

LEV

1.526^***

−0.046^***

(0.031)

(0.002)

SIZE

−1.164^***

−0.007^***

(0.026)

(0.002)

Cons

28.224^***

0.243^***

(0.596)

(0.034)

N

14068

14667

R²

0.248

0.0570

Adj-R²

0.248

0.0570

F

929.0

178.2