Variable

(1a)

ROA

(1b)

ROA

(2a)

MSW

(2b)

MSH

(3a)

ROA

(3b)

ROA

OMD

−0.0045

−0.0161**

−0.2194**

−5.6446***

−0.0124*

−0.0116

(−1.21)

(−2.27)

(−2.45)

(−11.11)

(−1.79)

(−1.61)

OMD2

0.0290**

0.8102***

9.7089***

0.0162

0.0240

(1.97)

(4.29)

(8.65)

(1.10)

(1.64)

OMD* MSW

−0.0022

(−0.46)

OMD* MSH

0.0021**

(2.03)

MSW

0.0168***

(12.03)

MSH

0.0010***

(4.03)

Size

0.0102***

0.0102***

0.3177***

0.1466**

0.0048***

0.0098***

(10.99)

(11.00)

(26.66)

(2.22)

(4.60)

(10.63)

Lev

−0.1300***

−0.1294***

−0.8395***

−3.7309***

−0.1153***

−0.1261***

(−19.99)

(−19.92)

(−12.34)

(−8.94)

(−17.20)

(−19.26)

Grow

0.0333***

0.0332***

0.0634

1.6660***

0.0322***

0.0316***

(8.36)

(8.35)

(1.46)

(6.43)

(8.32)

(7.93)

Ocfps

0.0067***

0.0067***

0.0223

−0.2882***

0.0063***

0.0070***

(4.37)

(4.39)

(1.14)

(−2.64)

(4.18)

(4.57)

AT

0.0283***

0.0282***

0.2135***

−1.7072***

0.0246***

0.0302**

(10.70)

(10.69)

(6.55)

(−10.85)

(9.71)

*(11.31)

Board

−0.0000

0.0001

−0.0001

−0.0749*

0.0001

0.0005

(−0.09)

(0.13)

(−0.02)

(−1.95)

(0.13)

(0.22)

Cons

−0.1468***

−0.1474***

7.5824***

14.9612***

−0.2757***

−0.1580***

(−7.69)

(−7.73)

(30.60)

(11.05)

(−12.93)

Obs

3090

3090

3090

3090

3090

3090

R-squared

0.2239

0.2248

0.2888

0.1240

0.2595

0.2300