Earnings

2017-2018

2019

2017-2019

CE

1.088***

0.926***

1.007***

NR

1.215***

2.551***

2.104***

D1CE

−0.012

0.362*

0.126

D2NR

−0.788***

−2.555***

−1.763***

LEV

−90.743***

−26.726

−96.855***

OWN

−1.620

−54.679

−25.284

ROE

9.599

−6.677

8.333

COVID

−15.910

19.511

−0.432

AGE

1.633

−1.188

0.795

SIZE

4.244

−8.849

−3.119

Constant

−51.144

229.279

102.395