| Model 1 | Model 2 | Model 3 | Model 4 |
Ability | 2.246*** |
| 1.159*** | 1.281*** |
(9.77) | (5.59) | (5.03) | (5.80) | |
PGap1 | 0.549*** | 0.571*** |
|
|
(15.49) | (16.37) |
|
| |
PGap2 |
|
| 0.581*** | 0.605*** |
|
| (15.38) | (16.40) | |
PGap1*Ability |
| 0.379** |
|
|
| (1.99) |
|
| |
PGap2*Ability |
|
|
| 0.422** |
|
|
| (2.23) | |
Roa | 0.694** | 0.826*** | 0.873*** | 0.856*** |
(2.44) | (2.89) | (3.08) | (3.01) | |
Mgr | 3.776* | 3.197 | 3.101 | 3.307 |
(1.70) | (1.44) | (1.40) | (1.49) | |
Inr | 0.728*** | 0.674*** | 0.660*** | 0.669*** |
(4.94) | (4.57) | (4.49) | (4.56) | |
TQ | 0.128*** | 0.145*** | 0.147*** | 0.147*** |
(4.44) | (5.01) | (5.13) | (5.11) | |
Dual | 0.084 | 0.084 | 0.089 | 0.086 |
(1.32) | (1.32) | (1.40) | (1.37) | |
Size | −0.433*** | −0.400*** | −0.398*** | −0.404*** |
(−11.58) | (−10.68) | (−10.72) | (−10.87) | |
Lev | 0.329* | 0.429** | 0.413** | 0.413** |
(1.79) | (2.33) | (2.25) | (2.25) | |
Age | −0.016*** | −0.018*** | −0.017*** | −0.017*** |
(−2.66) | (−2.95) | (−2.90) | (−2.90) | |
H5 | −0.179 | −0.056 | −0.034 | −0.056 |
(−0.98) | (−0.30) | (−0.18) | (−0.30) | |
Constant | 8.604*** | 7.763*** | 8.445*** | 8.610*** |
(11.00) | (9.89) | (10.64) | (10.82) | |
N | 10,719 | 10,719 | 10,719 | 10,719 |
R2 | 0.215 | 0.210 | 0.210 | 0.211 |