| Variable | ROA | MVBV |
| GROWTH | 0.082423*** | 1.156253*** |
| TANGIBILITY | −0.06072*** | −0.44259* |
| SIZE | 0.012069*** | 0.018287 |
| L_TDR | 0.088152*** | 1.280431*** |
| L_ROA | − | 0.274391 |
| NTDS | −0.24698** | 2.628638 |
| AGE | 0.001682*** | −0.05003*** |
| MARKET_DUM | −0.02424*** | −0.24399*** |
| _CONS | −3.37842*** | 100.4001*** |
| NUMBER OF OB | 21,863 | 21,863 |
| NUMBER OF GROUPS | 1753 | 1753 |
| OVERALL | 0.0355 | 0.0219 |
| F-STATISTIC | 69.74*** | 30.48*** |