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