Variable | (1a) ROA | (1b) ROA | (2a) MSW | (2b) MSH | (3a) ROA | (3b) ROA |
OMD | −0.0078** | −0.0180** | −0.2131** | −5.6780*** | −0.0139** | −0.0097 |
(−2.15) | (−2.54) | (−2.36) | (−11.14) | (−2.03) | (−1.35) | |
OMD2 |
| 0.0255* | 0.7984*** | 9.7620*** | 0.0096 | 0.0124 |
| (1.77) | (4.22) | (8.69) | (0.68) | (0.86) | |
OMD* MSW |
|
|
|
| 0.0014 |
|
|
|
|
| (0.29) |
| |
OMD* MSH |
|
|
|
|
| 0.0009 |
|
|
|
|
| (0.83) | |
MSW |
|
|
|
| 0.0193*** |
|
|
|
|
| (14.38) |
| |
MSH |
|
|
|
|
| 0.0016*** |
|
|
|
|
| (6.18) | |
Size | 0.0139*** | 0.0139*** | 0.3176*** | 0.1460** | 0.0078*** | 0.0136*** |
(15.35) | (15.36) | (26.69) | (2.22) | (7.84) | (14.96) | |
Lev | −0.1704*** | −0.1698*** | −0.8406*** | −3.6990*** | −0.1536*** | −0.1643*** |
(−26.65) | (−26.54) | (−12.41) | (−8.88) | (−23.64) | (−25.28) | |
Grow | 0.0500*** | 0.0500*** | 0.0646 | 1.6515*** | 0.0487*** | 0.0474*** |
(12.07) | (12.08) | (1.49) | (6.39) | (12.33) | (11.61) | |
Ocfps | 0.0105*** | 0.0106*** | 0.0228 | −0.2855*** | 0.0101*** | 0.0110*** |
(6.97) | (6.99) | (1.17) | (−2.61) | (6.93) | (7.29) | |
AT | 0.0314*** | 0.0314*** | 0.2151*** | −1.7285*** | 0.0272*** | 0.0341*** |
(11.34) | (11.32) | (6.60) | (−10.95) | (10.34) | (12.24) | |
Board | −0.0002 | −0.000 | −0.0001 | −0.0801** | −0.0001 | 0.0000 |
(−0.33) | (−0.13) | (−0.14) | (−2.17) | (−0.11) | (0.07) | |
Cons | −0.2210*** | −0.2216*** | 7.5805*** | 15.0237*** | −0.3678*** | −0.2430*** |
(−11.73) | (−11.76) | (30.60) | (11.11) | (−17.42) | (−12.48) | |
Obs | 3100 | 3100 | 3100 | 3100 | 3100 | 3100 |
R-squared | 0.3422 | 0.3428 | 0.2894 | 0.1242 | 0.3830 | 0.3517 |