| VARIABLES | LEVE | LEVE | LEVE | LEVE | LEVE | LEVE | LEVE | LEVE | LEVE |
| Tp | 0.0430*** | 0.0125 |
|
|
|
|
|
|
|
|
| (0.0131) | (0.0107) |
|
|
|
|
|
|
|
| Tf | −0.0669*** |
| −0.00823 |
|
|
|
|
|
|
|
| (0.0180) |
| (0.0147) |
|
|
|
|
|
|
| FF | 0.122*** |
|
| 0.113*** |
|
|
|
|
|
|
| (0.0351) |
|
| (0.0348) |
|
|
|
|
|
| MATU | 0.162 |
|
|
| −0.0978 |
|
|
|
|
|
| (0.114) |
|
|
| (0.119) |
|
|
|
|
| MV | −0.113*** |
|
|
|
| −0.0970*** |
|
|
|
|
| (0.00882) |
|
|
|
| (0.00734) |
|
|
|
| Sale | 0.0483*** |
|
|
|
|
| −0.0206** |
|
|
|
| (0.00896) |
|
|
|
|
| (0.00860) |
|
|
| VOLT | −0.000144 |
|
|
|
|
|
| −0.00707 |
|
|
| (0.0128) |
|
|
|
|
|
| (0.0143) |
|
| ROA | −0.101*** |
|
|
|
|
|
|
| −0.125*** |
|
| (0.0247) |
|
|
|
|
|
|
| (0.0251) |
| Constant | 1.809*** | 0.450*** | 0.462*** | 0.371*** | 0.467*** | 2.641*** | 0.934*** | 0.466*** | 0.482*** |
|
| (0.219) | (0.0166) | (0.0164) | (0.0305) | (0.0160) | (0.166) | (0.199) | (0.0218) | (0.0152) |
| Observations | 480 | 480 | 480 | 480 | 474 | 480 | 480 | 480 | 480 |
| R-squared | 0.341 | 0.003 | 0.001 | 0.022 | 0.001 | 0.268 | 0.012 | 0.001 | 0.049 |