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