| Variables | EO | |||
| (1) | (2) | (3) | (4) | |
| XXZSGX |
| 0.0006*** |
|
|
|
|
| (0.0002) |
|
|
| Close |
|
| 0.0005*** |
|
|
|
|
| (0.0001) |
|
| Unsullied |
|
|
| 0.0002** |
|
|
|
|
| (0.0001) |
| Asset | 0.0044** | 0.0045** | 0.0045** | 0.0044** |
|
| (0.0021) | (0.0021) | (0.0021) | (0.0021) |
| Lev | −0.2155*** | −0.2156*** | −0.2167*** | −0.2149*** |
|
| (0.0152) | (0.0152) | (0.0152) | (0.0152) |
| Roa | −0.3431*** | −0.3422*** | −0.3426*** | −0.3426*** |
|
| (0.0395) | (0.0394) | (0.0394) | (0.0395) |
| CF | 0.0373 | 0.0381 | 0.0382 | 0.0371 |
|
| (0.0359) | (0.0359) | (0.0359) | (0.0359) |
| Growth | 0.1429*** | 0.1429*** | 0.1429*** | 0.1429*** |
|
| (0.0110) | (0.0110) | (0.0110) | (0.0110) |
| Dual | 0.0214*** | 0.0208*** | 0.0208*** | 0.0214*** |
|
| (0.0048) | (0.0048) | (0.0048) | (0.0048) |
| First | −0.0005*** | −0.0005*** | −0.0005*** | −0.0005*** |
|
| (0.0001) | (0.0001) | (0.0001) | (0.0001) |
| Indep | 0.0958** | 0.0890** | 0.0893** | 0.0951** |
|
| (0.0381) | (0.0380) | (0.0380) | (0.0381) |
| Institution | −0.0015 | −0.0059 | −0.0060 | −0.0019 |
|
| (0.0047) | (0.0048) | (0.0048) | (0.0047) |
| GDP | 0.0018 | 0.0074** | 0.0061* | 0.0001 |
|
| (0.0022) | (0.0034) | (0.0033) | (0.0027) |
| _cons | 0.1467*** | 0.1895*** | 0.1855*** | 0.1423*** |
|
| (0.0449) | (0.0508) | (0.0510) | (0.0490) |
| Year | Control | Control | Control | Control |
| Ind | Control | Control | Control | Control |
| N | 9397 | 9397 | 9397 | 9397 |
| Log lik. | 1436.3577 | 1443.6237 | 1442.9628 | 1437.0476 |
| Prob > F | 0 | 0 | 0 | 0 |