M1 (ROA)

M2 (ROA)

M3 (HI)

M4 (ROA)

Constant (β₀)

0.0468 (0.0536)

0.0798 (0.0539)

1.361 (0.192)^***

0.0353 (0.0578)

LEV

−0.0226 (0.0072)^***

−0.129 (0.0256)^***

−0.0184 (0.0074)^**

HI

0.0327 (0.0159)^**

Lnsize

0.0015 (0.0046)

0.0057 (0.0047)

−0.0147 (0.0167)

0.0062 (0.0047)

Lnsubsidy

−0.0033 (0.0013)^**

−0.0037 (0.0013)^***

0.0017 (0.0047)

−0.0037 (0.0013)^***

Growth

0.0427 (0.0118)^***

0.0392 (0.0117)^***

0.0227 (0.0416)

0.0385 (0.0116)^***

Owner

−0.0169 (0.0077)^**

−0.0166 (0.0076)^**

−0.092 (0.0271)^***

−0.0136 (0.0077)^*

Observations

312

312

312

312

R-squared

0.080

0.109

0.127

0.121