| Dependent | Model 1 | Model 2 | Model 3 | |
| |DA| | |DA| | MFR | |DA| | |
| (Constant) | 2.7947 (1.7571) | −4.4915** (1.8723) | 26.5292*** (4.3585) | 2.7947 (1.7571) |
| ICIDI | −0.0416*** (0.0031) |
| −0.0116* (0.0062) |
|
| MFR |
| 0.2208*** (0.0164) |
|
|
| MFRP |
|
|
| 3.5713*** (0.2625) |
| SHARE1 | 0.4242 (0.7667) | 0.3869 (0.7727) | 2.4254 (1.5623) | 0.4242 (0.7667) |
| DUAL | −0.3761** (0.1597) | −0.2788* (0.1621) | −0.6494** (0.3297) | −0.3761** (0.1597) |
| LEV | −0.3700*** (0.0575) | −0.4252*** (0.0601) | −0.2955** (0.1278) | −0.3700*** (0.0575) |
| TOBINQ |
|
| −0.0714*** (0.0115) |
|
| GROWTH | 0.0007*** (0.0001) | 0.0008*** (0.0001) |
| 0.0007*** (0.0001) |
| SIZE | 0.0520 (0.0767) | 0.2386*** (0.0826) | −1.1158*** (0.1889) | 0.0520 (0.0767) |
| ID | −0.4918 (1.1321) | 0.0713 (1.1330) | −0.5060 (2.2936) | −0.4918 (1.1321) |
| YEAR | Yes | Yes | Yes | Yes |
| Adjusted R2 | 0.3085 | 0.2365 | 0.0648 | 0.3085 |
| F value | 80.94*** | 80.47*** | 6.69*** | 80.94*** |