| (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 |