| (1) | (2) | (3) | (4) |
KZ | 0.0016*** |
| 0.0025*** |
|
| (0.0091) |
| (0.0003) |
|
SA |
| −0.0103*** |
| −0.0150*** |
|
| (0.0000) |
| (0.0000) |
KZ*State |
|
| −0.0025*** |
|
|
|
| (0.0078) |
|
SA*State |
|
|
| 0.0017** |
|
|
|
| (0.0316) |
State |
|
| 0.0001 | −0.0121*** |
|
|
| (0.9757) | (0.0005) |
Beta | −0.0094*** | −0.0094*** | −0.0092*** | −0.0089*** |
| (0.0006) | (0.0006) | (0.0008) | (0.0011) |
Turnover | 0.0022** | 0.0013 | 0.0024** | 0.0014 |
| (0.0373) | (0.2061) | (0.0231) | (0.1809) |
BM | 0.0133*** | 0.0141*** | 0.0138*** | 0.0141*** |
| (0.0000) | (0.0000) | (0.0000) | (0.0000) |
Size | −0.0029*** | 0.0086*** | −0.0027*** | 0.0132*** |
| (0.0000) | (0.0003) | (0.0000) | (0.0000) |
Lev | 0.0036*** | 0.0038*** | 0.0037*** | 0.0037*** |
| (0.0000) | (0.0000) | (0.0000) | (0.0000) |
ROA | −0.0623*** | −0.0803*** | −0.0666*** | −0.0845*** |
| (0.0086) | (0.0001) | (0.0050) | (0.0001) |
ROE | 0.0356*** | 0.0429*** | 0.0361*** | 0.0427*** |
| (0.0032) | (0.0001) | (0.0028) | (0.0001) |
_cons | 0.1136*** | −0.0855* | 0.1088*** | −0.1654*** |
| (0.0000) | (0.0505) | (0.0000) | (0.0004) |
Industry | Y | Y | Y | Y |
Year | Y | Y | Y | Y |
Obs | 8102 | 8102 | 8102 | 8102 |
Adj-R | 0.174 | 0.176 | 0.176 | 0.178 |