ROE

EPS

ZSCR

σ (ROE)

ROE

EPS

ZSCR

σ (ROE)

EXP

0.33*

−1.33

0.02

−4.07*

(2.04)

(−1.85)

(0.12)

(−2.50)

GEN

0.54**

2.39*

0.25

−0.76**

(3.56)

(2.08)

(0.92)

(−2.75)

fsize

0.21

0.25

0.23

1.03

0.22

0.16

0.22

0.82

(1.71)

(0.94)

(1.75)

(0.82)

(1.70)

(0.59)

(1.79)

(0.89)

lvrg

0.69**

−1.11

0.40*

−11.38*

0.85*

−0.81

0.42

−8.97*

(2.74)

(−0.98)

(2.08)

(−2.29)

(2.38)

(−0.65)

(1.96)

(−1.99)

mbr

0.00

−0.02

0.01

4.81*

0.01

−0.02

0.01

4.14*

(0.47)

(−0.88)

(1.20)

(1.97)

(0.53)

(−0.99)

(1.22)

(2.19)

tgbl

−1.04

2.25

−0.42

9.35*

−1.06

2.69*

−0.45

8.05*

(−1.74)

(1.73)

(−1.21)

(2.36)

(−1.72)

(2.22)

(−1.32)

(2.77)

prft

0.01

−0.01

0.01

0.08

0.02

−0.03

0.01

0.06

(1.61)

(−0.50)

(1.25)

(1.01)

(1.91)

(−1.20)

(1.41)

(1.09)

bsize

−3.52*

−14.33

0.76

8.41*

−2.60***

−9.04

0.27

5.69**

(−2.60)

(−1.83)

(0.68)

(2.49)

(−4.15)

(−1.00)

(0.26)

(3.32)

dual

0.22

−0.59

0.07

−0.11

0.20

−0.55

0.07

−0.19

(1.46)

(−1.34)

(0.94)

(−0.19)

(1.30)

(−1.28)

(0.92)

(−0.32)

indp

1.02

1.78

0.90*

−1.28

1.01

2.03

0.92*

−0.94

(1.55)

(1.22)

(2.13)

(−0.59)

(1.48)

(1.56)

(2.19)

(−0.46)

inst

0.00*

−0.00

0.00

0.06***

0.00

−0.00

0.00

0.05***

(2.04)

(−0.09)

(1.24)

(3.34)

(1.73)

(−0.10)

(1.30)

(3.43)

mngr

0.07

−0.26*

−0.07

−2.33

0.07

−0.14*

−0.07

−1.35

(0.48)

(−2.55)

(−0.73)

(−1.45)

(0.47)

(−2.30)

(−0.80)

(−1.30)

blck

0.51

1.43*

0.40*

−1.55

0.49

1.48**

0.40*

−1.07

(1.57)

(2.61)

(2.09)

(−1.63)

(1.45)

(2.82)

(2.16)

(−1.37)

devt

−0.20

−0.05

−0.29

7.73***

−0.10

−0.46

−0.29

4.96**

(−0.34)

(−0.06)

(−0.90)

(3.99)

(−0.17)

(−0.59)

(−0.96)

(2.70)

constant

−0.62

−2.25**

−0.49

0.85

−0.59

−2.27**

−0.49

0.17

(−1.52)

(−3.15)

(−1.88)

(0.52)

(−1.39)

(−3.40)

(−1.93)

(0.15)

N

119

113

127

133

119

113

127

130

R2

0.330

0.320

0.357

0.601

0.326

0.310

0.362

0.551