(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