Model 1

Model 2

Model 3

Model 4

ln(Total-Asset)

0.000574

(0.13)

−0.000927

(−0.22)

0.00258

(0.60)

0.000796

(0.18)

Asset-Liability-Ratio

−0.528***

(−16.45)

−0.535***

(−16.92)

−0.530***

(−16.67)

−0.536***

(−17.02)

Net-Capital

−0.234***

(−7.50)

−0.260***

(−8.31)

−0.245***

(−7.89)

−0.264***

(−8.49)

ROA

0.304***

(3.04)

0.309***

(3.13)

0.226**

(2.24)

0.250**

(2.49)

ln(Spill_Tech)

0.0222***

(4.84)

0.0190***

(4.04)

R&D-Invest

0.950***

0.712***

(3.90)

(2.87)

_cons

0.425***

0.152**

0.389***

0.164**

(8.70)

(2.04)

(7.88)

(2.21)

N

767

767

767

767

R-square

0.4335

0.4504

0.4446

0.4563