| Variable | (1) | (2) | (3) |
| FA | FA | FA | |
| L.MPU | −0.249*** | −0.084*** | −0.051*** |
|
| (−12.81) | (−4.81) | (−3.05) |
| TA |
| 0.024*** | −0.001 |
|
|
| (10.59) | (−0.23) |
| ROA |
| −0.160*** | −0.112*** |
|
|
| (−9.15) | (−6.49) |
| LEV |
| −0.104*** | −0.065*** |
|
|
| (−7.61) | (−4.85) |
| Risk |
| −0.001*** | −0.001*** |
|
|
| (−10.02) | (−9.57) |
| Salesgrowth |
| −0.001 | −0.002 |
|
|
| (−1.03) | (−1.45) |
| TobinQ |
| 0.003*** | 0.001 |
|
|
| (3.57) | (1.41) |
| Turnover |
| −0.042*** | −0.039*** |
|
|
| (−7.63) | (−7.21) |
| Shareholder |
| −0.147*** | −0.122*** |
|
|
| (−8.86) | (−7.41) |
| GDPg |
|
| 0.004*** |
|
|
|
| (9.95) |
| CPIg |
|
| −0.004*** |
|
|
|
| (−6.52) |
| M2g |
|
| −0.003*** |
|
|
|
| (−11.92) |
| LPR |
|
| −0.019*** |
|
|
|
| (−16.03) |
| Constant | 0.213*** | −0.226*** | 0.404*** |
|
| (33.82) | (−4.13) | (5.39) |
| Firm-fixed effect | YES | YES | YES |
| Observations | 21,854 | 21,854 | 21,854 |
| R2 | 0.008 | 0.101 | 0.141 |