(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

VARIABLES

Profit

ROE

ROA

Profit

ROE

ROA

Profit

ROE

ROA

Profit

ROE

ROA

Social media

−47.79***

−0.0143

−0.0184

−49.61***

−0.0156

−0.0198

(15.38)

(0.0276)

(0.0452)

(15.43)

(0.0277)

(0.0454)

Depth of SM presence

1.408

0.193***

0.138*

1.806

0.193***

0.139*

(28.27)

(0.0494)

(0.0796)

(28.27)

(0.0494)

(0.0796)

Growth

109.3***

0.669***

0.241***

117.4***

0.660***

0.235***

106.4***

0.667***

0.239***

115.3***

0.658***

0.233***

(18.87)

(0.0338)

(0.0579)

(18.96)

(0.0331)

(0.0576)

(18.99)

(0.0341)

(0.0582)

(19.07)

(0.0333)

(0.0579)

working capital

154.2***

0.254***

0.169***

153.4***

0.259***

0.173***

154.5***

0.254***

0.169***

153.6***

0.259***

0.173***

(7.026)

(0.0126)

(0.0210)

(7.130)

(0.0125)

(0.0211)

(7.024)

(0.0126)

(0.0211)

(7.132)

(0.0125)

(0.0211)

Expense

−3.996

−0.115**

−0.0994

4.576

−0.113**

−0.0925

−2.583

−0.114**

−0.0988

5.915

−0.112**

−0.0915

(25.53)

(0.0458)

(0.0756)

(25.64)

(0.0448)

(0.0743)

(25.53)

(0.0458)

(0.0757)

(25.67)

(0.0449)

(0.0745)

Age

−0.647

0.00711**

0.00157

−0.967

0.00670**

0.00112

−0.659

0.00710**

0.00156

−0.986

0.00669**

0.00111

(1.694)

(0.00304)

(0.00500)

(1.709)

(0.00298)

(0.00499)

(1.693)

(0.00304)

(0.00500)

(1.709)

(0.00299)

(0.00499)

Debt sustainability

231.7

−0.102

1.532***

266.0

−0.206

1.492***

224.5

−0.107

1.522***

261.2

−0.211

1.484***

(172.6)

(0.309)

(0.507)

(174.8)

(0.305)

(0.503)

(172.6)

(0.310)

(0.508)

(174.9)

(0.306)

(0.505)

Leverage

−38.11

−0.358**

−0.339

−45.85

−0.376**

−0.366

−40.38

−0.360**

−0.341

−47.85

−0.378**

−0.368

(88.43)

(0.159)

(0.254)

(89.33)

(0.156)

(0.253)

(88.39)

(0.159)

(0.254)

(89.35)

(0.156)

(0.254)

War relocation

27.85*

−0.159***

−0.0143

25.28*

−0.161***

−0.0158

41.97**

−0.149***

−0.00527

36.08*

−0.151***

−0.00715

(14.70)

(0.0264)

(0.0432)

(14.83)

(0.0259)

(0.0430)

(18.36)

(0.0330)

(0.0520)

(18.47)

(0.0323)

(0.0516)

GDP growth

1.182

0.000842

0.000820

0.910

0.000847

0.000794

(0.922)

(0.00166)

(0.00262)

(0.928)

(0.00162)

(0.00260)

Constant

−1.142***

0.294

2.799***

−1.320***

0.240

2.687***

−1.138***

0.297

2.806***

−1.322***

0.239

2.687***

(332.2)

(0.595)

(0.984)

(330.5)

(0.577)

(0.956)

(331.9)

(0.596)

(0.985)

(330.5)

(0.578)

(0.957)

Observations

520

520

480

520

520

480

520

520

480

520

520

480

R-squared

0.602

0.716

0.233

0.594

0.725

0.238

0.603

0.717

0.233

0.595

0.725

0.238

Number of id

40

40

40

40

40

40

40

40

40

40

40

40