| Variables | EO | |||
| (1) | (2) | (3) | (4) | |
| XXZSGX |
| 0.0003*** |
|
|
|
|
| (0.0001) |
|
|
| Close |
|
| 0.0003*** |
|
|
|
|
| (0.0001) |
|
| Unsullied |
|
|
| 0.0002** |
|
|
|
|
| (0.0001) |
| Asset | 0.0049** | 0.0045** | 0.0045** | 0.0045** |
|
| (0.0020) | (0.0021) | (0.0021) | (0.0021) |
| Lev | −0.2191*** | −0.2148*** | −0.2154*** | −0.2149*** |
|
| (0.0151) | (0.0152) | (0.0152) | (0.0152) |
| Roa | −0.3496*** | −0.3439*** | −0.3440*** | −0.3429*** |
|
| (0.0392) | (0.0395) | (0.0395) | (0.0395) |
| CF | 0.0425 | 0.0389 | 0.0387 | 0.0365 |
|
| (0.0355) | (0.0358) | (0.0358) | (0.0359) |
| Growth | 0.1425*** | 0.1426*** | 0.1426*** | 0.1429*** |
|
| (0.0108) | (0.0110) | (0.0110) | (0.0110) |
| Dual | 0.0209*** | 0.0205*** | 0.0204*** | 0.0212*** |
|
| (0.0048) | (0.0048) | (0.0048) | (0.0048) |
| First | −0.0006*** | −0.0005*** | −0.0005*** | −0.0005*** |
|
| (0.0002) | (0.0001) | (0.0001) | (0.0001) |
| Indep | 0.0933** | 0.0906** | 0.0907** | 0.0949** |
|
| (0.0376) | (0.0381) | (0.0381) | (0.0381) |
| _cons | 0.1467*** | 0.1380*** | 0.1399*** | 0.1413*** |
|
| (0.0449) | (0.0456) | (0.0455) | (0.0464) |
| Year | Control | Control | Control | Control |
| Ind | Control | Control | Control | Control |
| N | 9540 | 9397 | 9397 | 9397 |
| Log lik. | 1430.481 | 1440.1797 | 1440.1118 | 1436.9617 |
| Prob > F | 0 | 0 | 0 | 0 |