| (1) OLS | (2) FE | (3) FE |
SA | −0.121** | −0.619*** | −0.756*** |
| (0.048) | (0.166) | (0.181) |
Lev | 0.331*** | 0.449*** | 0.427*** |
| (0.034) | (0.071) | (0.071) |
ROS | 0.628*** | 0.835*** | 0.832*** |
| (0.041) | (0.068) | (0.070) |
Size | −0.015*** | 0.258*** | 0.270*** |
| (0.005) | (0.024) | (0.025) |
Age | −0.083*** | −0.194*** | −0.171** |
| (0.027) | (0.068) | (0.071) |
GDP | −0.014* | −0.596*** | −0.244** |
| (0.008) | (0.072) | (0.117) |
_cons | 0.072 | 2.207*** | −1.916 |
| (0.147) | (0.458) | (1.307) |
Equitynature | N | Y | Y |
Industry | N | Y | Y |
Year | N | N | Y |
Individual | N | Y | Y |
N | 18,016 | 18,016 | 18,016 |
R-squared | 0.029 | 0.094 | 0.117 |