VARIABLES

Technology

Manufacturing

Services

ROE

ROA

Profit

ROE

ROA

Profit

ROA

Profit

ROE

Social media

0.164***

0.164***

22.09

0.0610

0.0573

53.08***

0.256***

44.74***

0.126**

(0.0536)

(0.0456)

(23.13)

(0.0477)

(0.0470)

(19.78)

(0.0648)

(15.21)

(0.0571)

Growth

0.699***

0.654***

15.66

0.774***

0.815***

33.37***

0.765***

5.942

0.920***

(0.0241)

(0.0207)

(10.69)

(0.0224)

(0.0203)

(9.116)

(0.0200)

(7.763)

(0.0290)

Log working capital

0.370***

0.366***

114.8***

0.430***

0.357***

177.9***

0.345***

100.7***

0.258***

(0.0234)

(0.0268)

(8.855)

(0.0205)

(0.0181)

(8.444)

(0.0227)

(6.173)

(0.0224)

log expense

−0.244***

−0.247***

40.99

−0.175**

−0.260***

−7.455

0.389**

−69.42**

0.229**

(0.0928)

(0.0882)

(35.23)

(0.0838)

(0.0766)

(31.42)

(0.153)

(28.68)

(0.106)

Age

0.00497

0.00866*

−10.01***

0.00754

0.0205***

−0.0620

−0.000878

−9.775***

−0.00537

(0.00618)

(0.00495)

(2.846)

(0.00507)

(0.00586)

(2.085)

(0.00657)

(1.982)

(0.00695)

Debt sustainability

−1.791**

−0.286

−674.3**

0.554

0.312

276.0

3.628***

−935.0***

0.378

(0.710)

(0.467)

(300.1)

(0.504)

(0.544)

(223.9)

(0.679)

(183.8)

(0.691)

Leverage

1.445***

1.725***

−21.08

−0.133

0.135

−46.99

−1.129***

8.252

−0.997***

(0.317)

(0.234)

(151.6)

(0.291)

(0.352)

(129.8)

(0.319)

(100.3)

(0.311)

war relocation

−0.0820

−0.0686*

12.47

−0.103**

−0.316***

−16.02

0.00305

27.51

−0.164***

(0.0533)

(0.0394)

(23.21)

(0.0465)

(0.0525)

(20.85)

(0.0584)

(18.05)

(0.0623)

Constant

0.668

0.358

−401.0

−0.771

0.277

−334.4

−7.600***

960.5***

−5.172***

(1.283)

(1.158)

(477.4)

(0.977)

(0.913)

(374.3)

(1.988)

(366.4)

(1.376)

Observations

142

127

142

225

215

225

138

153

153

Number of ids

37

37

37

40

40

40

40

40

40