Model 1

Model 2

Model 3

Model 4

State

0.228***

0.235***

0.229***

0.235***

(3.45)

(3.56)

(3.48)

(3.57)

PGap1

0.573***

0.584***

(15.83)

(15.94)

PGap2

0.605***

0.615***

(15.80)

(15.88)

PGap1*State

−0.182***

(−2.64)

PGap2*State

−0.189**

(−2.57)

Roa

1.008***

1.018***

1.043***

1.055***

(3.46)

(3.50)

(3.60)

(3.64)

Mgr

2.993

3.387

3.113

3.485

(1.37)

(1.55)

(1.43)

(1.60)

Inr

0.594***

0.586***

0.586***

0.577***

(4.03)

(3.96)

(3.99)

(3.92)

TQ

0.171***

0.171***

0.174***

0.173***

(5.86)

(5.86)

(6.00)

(6.00)

Dual

0.124*

0.130**

0.128**

0.134**

(1.92)

(2.02)

(1.99)

(2.08)

Size

−0.400***

−0.400***

−0.402***

−0.401***

(−10.43)

(−10.43)

(−10.54)

(−10.53)

Lev

0.587***

0.570***

0.573***

0.556***

(3.21)

(3.12)

(3.14)

(3.05)

Age

−0.025***

−0.025***

−0.025***

−0.025***

(−4.01)

(−4.02)

(−3.98)

(−3.97)

H5

−0.016

0.012

−0.013

0.016

(−0.09)

(0.07)

(−0.07)

(0.09)

Constant

7.439***

7.415***

8.225***

8.200***

(9.43)

(9.39)

(10.29)

(10.25)

N

10,719

10,719

10,719

10,719

R²

0.206

0.206

0.206

0.207