Variables

Independent variable: FI

Independent variable: KZK

Independent variable: KZ

FI

−0.0601

−0.0784

(−0.6386)

(−0.7501)

KZK

0.3579***

0.4013***

(16.0999)

(16.5766)

KZ

0.3810***

0.4262***

(16.4986)

(17.1798)

Size

0.3401***

0.2692***

0.3221***

0.2521***

0.3182***

0.2473***

(45.3040)

(30.4368)

(43.6709)

(29.4812)

(42.9905)

(28.8708)

Big4

0.2125***

0.2390***

0.2340***

0.2544***

0.2359***

0.2564***

(5.7149)

(5.5417)

(6.4284)

(6.0873)

(6.4876)

(6.1475)

Lever

0.1050***

0.0959***

0.1445***

0.1436***

0.1526***

0.1529***

(3.7500)

(3.2029)

(5.2534)

(4.9241)

(5.5460)

(5.2458)

Inv

−0.0549

−0.0806*

−0.0126

−0.0285

−0.0158

−0.0374

(−1.2533)

(−1.7410)

(−0.2941)

(−0.6370)

(−0.3700)

(−0.8370)

Rec

0.0603

0.0036

0.0794

0.0839

0.0687

0.0762

(0.9533)

(0.0539)

(1.2850)

(1.2801)

(1.1121)

(1.1669)

Tunnel

0.5741***

0.2810***

0.6530***

0.4159***

0.6505***

0.4183***

(5.3547)

(2.6232)

(6.2300)

(4.0014)

(6.2132)

(4.0341)

Growth

−0.0028

0.0150**

−0.0073

0.0090

−0.0086

0.0079

(−0.4453)

(2.3787)

(−1.1604)

(1.4606)

(−1.3780)

(1.2824)

Roe

−0.0254

−0.0230

−0.0381

−0.0229

−0.0407

−0.0239

(−0.9207)

(−0.8465)

(−1.4096)

(−0.8682)

(−1.5066)

(−0.9096)

Loss

0.0366***

0.0270**

0.0261**

0.0185

0.0254**

0.0174

(3.0181)

(2.2630)

(2.1949)

(1.6039)

(2.1349)

(1.5079)

Lag_lnfee

0.2916***

0.2869***

0.2891***

(22.1163)

(22.4622)

(22.6911)

_Cons

6.0000***

3.7149***

6.2943***

4.0138***

6.3828***

4.0920***

(37.3407)

(17.8404)

(40.1426)

(19.9465)

(40.5752)

(20.3390)

Year effect

yes

yes

yes

yes

yes

yes

Code effect

yes

yes

yes

yes

yes

yes

N

7384

5784

7384

5784

7384

5784

R-sq

0.5340

0.5735

0.5540

0.5994

0.5550

0.6012