| VARIABLES | MATU | MATU | MATU | MATU | MATU | MATU | MATU | MATU | MATU | MATU |
| Tp | −0.0562** | −0.0471** |
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| (0.00426) | (0.00312) |
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| FF | 0.0236*** |
| 0.0300*** |
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|
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| (0.0113) |
| (0.0103) |
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| CSUF | 0.000275 |
|
| 0.00502 |
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|
| (0.0101) |
|
| (0.0103) |
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| MV | 0.00731** |
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| 0.00911*** |
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| (0.00285) |
|
|
| (0.00253) |
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| Sale | −0.00648** |
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|
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| 0.00156 |
|
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|
|
|
| (0.00291) |
|
|
|
| (0.00257) |
|
|
|
|
| ROA | 0.0505*** |
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| 0.0525*** |
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| (0.00768) |
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|
|
|
| (0.00789) |
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| CFO | 0.0271*** |
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| 0.0306*** |
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|
|
| (0.00639) |
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|
|
|
| (0.00631) |
|
|
| Tf | 0.00134 |
|
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|
| −0.00710* |
|
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| (0.00588) |
|
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|
|
|
|
| (0.00428) |
|
| VOLT | −0.00274 |
|
|
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|
| −0.00340 |
|
| (0.00394) |
|
|
|
|
|
|
|
| (0.00422) |
| Constant | 0.0363 | 0.0431*** | 0.0629*** | 0.0360*** | −0.165*** | 0.00374 | 0.0309*** | 0.0348*** | 0.0432*** | 0.0436*** |
|
| (0.0711) | (0.00490) | (0.00905) | (0.00904) | (0.0570) | (0.0594) | (0.00441) | (0.00441) | (0.00484) | (0.00646) |
| Observations | 466 | 466 | 466 | 466 | 466 | 466 | 466 | 466 | 466 | 466 |
| R-squared | 0.546 | 0.251 | 0.018 | 0.192 | 0.271 | 0.162 | 0.087 | 0.048 | 0.006 | 0.001 |