|
| (1) | (2) | (3) | (4) |
| Rd | Rda | |||
| Rate | −0.7208*** | −1.1362*** | −0.1333*** | −0.1351*** |
|
| (−2.65) | (−3.94) | (−4.18) | (−4.02) |
| Size |
| 0.9289*** |
| −0.0483* |
|
|
| (4.39) |
| (−1.86) |
| Age |
| 0.0023 |
| −0.0022 |
|
|
| (0.08) |
| (−0.57) |
| Lev |
| −3.0877*** |
| −0.3243*** |
|
|
| (−2.70) |
| (−2.62) |
| Fc |
| −0.4013 |
| −0.0123 |
|
|
| (−0.45) |
| (−0.12) |
| Roe |
| −1.3347 |
| −0.0311 |
|
|
| (−1.25) |
| (−0.26) |
| Soe |
| 0.4377 |
| 0.0675 |
|
|
| (1.08) |
| (1.28) |
| Shrcr1 |
| −0.0465*** |
| −0.0043*** |
|
|
| (−4.27) |
| (−3.31) |
| Cfo |
| −4.9572*** |
| 0.0932 |
|
|
| (−3.19) |
| (0.43) |
| Employee |
| 0.2588 |
| 0.0780*** |
|
|
| (1.24) |
| (3.03) |
| Export |
| −0.1149 |
| 0.0009 |
|
|
| (−1.50) |
| (0.10) |
| Constant | 7.7255*** | −6.5627* | 1.0481*** | 1.7893*** |
|
| (3.37) | (−1.68) | (4.18) | (3.81) |
| Industry | Yes | Yes | Yes | Yes |
| Province | Yes | Yes | Yes | Yes |
| Observations | 8,535 | 8,535 | 8,536 | 8,536 |
| Adj.R2 | 0.0909 | 0.116 | 0.0754 | 0.0840 |