|
| (1) | (2) | (3) | (4) |
| Rd | Rda | |||
| Rate | −1.7713*** | −1.3577*** | −0.0892** | −0.1279** |
|
| (−5.31) | (−3.26) | (−2.16) | (−2.49) |
| Size |
| 0.8348*** |
| −0.0578** |
|
|
| (3.89) |
| (−2.19) |
| Age |
| −0.0155 |
| −0.0040 |
|
|
| (−0.48) |
| (−0.99) |
| Lev |
| −2.8687** |
| −0.3026** |
|
|
| (−2.50) |
| (−2.42) |
| Fc |
| −0.2980 |
| −0.0032 |
|
|
| (−0.33) |
| (−0.03) |
| Roe |
| −1.1861 |
| −0.0205 |
|
|
| (−1.11) |
| (−0.17) |
| Soe |
| 0.5395 |
| 0.0775 |
|
|
| (1.32) |
| (1.45) |
| Shrcr1 |
| −0.0456*** |
| −0.0042*** |
|
|
| (−4.19) |
| (−3.23) |
| Cfo |
| −5.4343*** |
| 0.0508 |
|
|
| (−3.45) |
| (0.24) |
| Employee |
| 0.3170 |
| 0.0839*** |
|
|
| (1.51) |
| (3.23) |
| Export |
| −0.1133 |
| 0.0011 |
|
|
| (−1.48) |
| (0.12) |
| Constant | 14.3834*** | −3.4461 | 0.7678** | 1.9158*** |
|
| (5.56) | (−0.65) | (2.57) | (3.04) |
| Industry | Yes | Yes | Yes | Yes |
| Province | Yes | Yes | Yes | Yes |
| Observations | 8535 | 8535 | 8536 | 8536 |
| Adj.R2 | 0.0928 | 0.116 | 0.0751 | 0.0840 |