(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