| ROE | EPS | ZSCR | σ (ROE) | ROE | EPS | ZSCR | σ (ROE) |
EDU | 0.21** | 0.05 | 0.15*** | −0.46 |
|
|
|
|
(2.11) | (0.07) | (3.50) | (−1.37) |
|
|
|
| |
PRO |
|
|
|
| 0.19*** | 0.13* | 0.01* | −0.96** |
|
|
|
| (3.39) | (2.26) | (2.16) | (−2.80) | |
fsize | 0.24 | 0.11 | 0.23 | 0.64 | 0.24 | 0.10 | 0.23 | 1.13 |
(1.86) | (0.45) | (1.87) | (0.66) | (1.98) | (0.39) | (1.84) | (1.14) | |
lvrg | 0.94* | −0.97 | 0.49* | −8.38 | 0.63** | −1.05 | 0.41* | −9.55 |
(2.18) | (−0.85) | (2.30) | (−1.89) | (2.97) | (−0.88) | (2.06) | (−1.85) | |
mbr | 0.01 | −0.02 | 0.01 | 3.88* | 0.00 | −0.02 | 0.01 | 4.29* |
(0.67) | (−0.90) | (1.39) | (1.99) | (0.23) | (−0.77) | (1.16) | (2.31) | |
tgbl | −0.84 | 2.67* | −0.42 | 7.47* | −1.24 | 2.78* | −0.44 | 8.29* |
(−1.30) | (2.02) | (−1.16) | (2.74) | (−1.97) | (2.28) | (−1.22) | (2.69) | |
prft | 0.01 | −0.02 | 0.01 | 0.07 | 0.02 | −0.02 | 0.01 | 0.06 |
(1.70) | (−0.89) | (1.20) | (1.03) | (1.96) | (−0.94) | (1.23) | (0.99) | |
bsize | −3.31*** | −15.40 | 0.41 | 2.12* | −3.62*** | −15.33 | 0.80 | 7.73** |
(−4.49) | (−1.86) | (0.36) | (2.12) | (−1.66) | (−1.88) | (0.71) | (3.47) | |
dual | 0.17 | −0.54 | 0.04 | 0.04 | 0.23 | −0.56 | 0.07 | −0.28 |
(1.06) | (−1.24) | (0.55) | (0.07) | (1.45) | (−1.26) | (0.91) | (−0.46) | |
indp | 0.87 | 2.02 | 0.84* | −0.52 | 1.02 | 1.98 | 0.90* | −1.27 |
(1.29) | (1.38) | (2.06) | (−0.24) | (1.43) | (1.48) | (2.15) | (−0.64) | |
inst | 0.00 | 0.00 | 0.00 | 0.05** | 0.00 | 0.00 | 0.00 | 0.05*** |
(1.60) | (0.06) | (1.16) | (2.93) | (1.92) | (0.01) | (1.27) | (4.33) | |
mngr | 0.10 | −0.20* | −0.05 | −1.52 | 0.06 | −0.19* | −0.07 | −1.35 |
(0.62) | (−2.41) | (−0.57) | (−1.23) | (0.38) | (−2.39) | (−0.74) | (−1.24) | |
blck | 0.48 | 1.49** | 0.39* | −1.49 | 0.49 | 1.49** | 0.39* | −1.25 |
(1.46) | (2.83) | (2.15) | (−1.36) | (1.40) | (2.86) | (2.09) | (−1.71) | |
devt | −0.05 | −0.44 | −0.25 | 4.66* | −0.13 | −0.42 | −0.28 | 5.80** |
(−0.09) | (−0.52) | (−0.84) | (2.55) | (−0.20) | (−0.53) | (−0.89) | (2.87) | |
constant | −11.04* | −27.55** | −16.72** | 3.12 | −12.94* | −26.22* | −16.72** | 4.09 |
(−2.41) | (−3.06) | (−3.30) | (0.30) | (−2.63) | (−2.44) | (−3.13) | (0.39) | |
N | 119 | 113 | 127 | 107 | 119 | 113 | 127 | 133 |
R2 | 0.326 | 0.279 | 0.369 | 0.529 | 0.327 | 0.280 | 0.357 | 0.562 |