Inassets

−1.1179

(−1.2147)

−1.2192

(−1.5746)

−0.2507

(−1.1899)

−1.2551

(−1.4639)

Cash

0.1092

(0.4398)

−0.2002

(−0.9592)

0.0397

(0.7842)

−0.1516

(−0.7353)

Magin

−2.2942***

(−7.6958)

−0.8200***

(−3.2111)

0.3388***

(4.9964)

−2.0081***

(−7.2259)

State

0.4440***

(4.9950)

0.0826

(1.0968)

0.1271***

(6.2532)

0.1361

(1.6271)

Year/Industry

Control

Control

Control

Control

Constant

16.1369***

(45.9965)

8.2483***

(18.2570)

−0.2730***

(−3.3333)

15.9049***

(47.5688)

R-squared

0.3018

0.4378

0.5419

0.2724

Adj.R²

0.2903

0.4281

0.5348

0.2607

N

1600

1600

1707

1707