Variables

EO

(1)

(2)

(3)

(4)

XXZSGX

0.0003***

(0.0001)

Close

0.0003***

(0.0001)

Unsullied

0.0002**

(0.0001)

Asset

0.0046**

0.0042**

0.0042**

0.0041**

(0.0021)

(0.0021)

(0.0021)

(0.0021)

Lev

−0.2173***

−0.2132***

−0.2137***

−0.2132***

(0.0151)

(0.0151)

(0.0152)

(0.0151)

Roa

−0.3483***

−0.3429***

−0.3430***

−0.3419***

(0.0392)

(0.0395)

(0.0394)

(0.0395)

CF

0.0396

0.0360

0.0358

0.0336

(0.0354)

(0.0357)

(0.0357)

(0.0358)

Growth

0.1422***

0.1423***

0.1423***

0.1426***

(0.0108)

(0.0110)

(0.0110)

(0.0110)

Dual

0.0207***

0.0203***

0.0203***

0.0210***

(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

0.0938**

0.0912**

0.0912**

0.0954**

(0.0375)

(0.0380)

(0.0380)

(0.0380)

_cons

0.1546***

0.1454***

0.1473***

0.1485***

(0.0447)

(0.0454)

(0.0452)

(0.0462)

Year

Control

Control

Control

Control

Ind

Control

Control

Control

Control

N

9540

9397

9397

9397

R²

0.12

0.12

0.12

0.12

Prob > F

0

0

0

0