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