| Variables | EO | ||
| (1) | (2) | (3) | |
| XXZSGX | 0.0030*** |
|
|
|
| (0.0010) |
|
|
| Close |
| 0.0026*** |
|
|
|
| (0.0009) |
|
| Unsullied |
|
| 0.0013** |
|
|
|
| (0.0006) |
| Asset | 0.0045** | 0.0045** | 0.0045** |
|
| (0.0021) | (0.0021) | (0.0021) |
| Lev | −0.2149*** | −0.2152*** | −0.2151*** |
|
| (0.0152) | (0.0152) | (0.0152) |
| Roa | −0.3439*** | −0.3438*** | −0.3429*** |
|
| (0.0395) | (0.0395) | (0.0395) |
| CF | 0.0390 | 0.0387 | 0.0361 |
|
| (0.0358) | (0.0358) | (0.0359) |
| Growth | 0.1426*** | 0.1426*** | 0.1429*** |
|
| (0.0109) | (0.0110) | (0.0110) |
| Dual | 0.0204*** | 0.0205*** | 0.0213*** |
|
| (0.0048) | (0.0048) | (0.0048) |
| First | −0.0005*** | −0.0005*** | −0.0005*** |
|
| (0.0001) | (0.0001) | (0.0001) |
| Indep | 0.0907** | 0.0908** | 0.0954** |
|
| (0.0381) | (0.0381) | (0.0381) |
| _cons | 0.1352*** | 0.1393*** | 0.1433*** |
|
| (0.0458) | (0.0455) | (0.0464) |
| Year | Control | Control | Control |
| Ind | Control | Control | Control |
| N | 9397 | 9397 | 9397 |
| Log lik. | 1440.6587 | 1439.8774 | 1436.5605 |
| Prob > F | 0 | 0 | 0 |