Dependent variable:

ROA

(1)

(FE)

(2)

(FE)

(3)

(FE)

(4)

(FE)

(5)

(FE)

Cr

0.767

0.520

0.784

0.390

0.599

(0.756)

(0.745)

(0.659)

(0.713)

(0.648)

Liquidity

5.273***

5.402***

3.136***

5.852***

2.920***

(0.957)

(0.939)

(0.883)

(0.906)

(0.872)

Der

−0.720**

−0.749**

−0.615**

−0.767**

−0.399

(0.327)

(0.319)

(0.284)

(0.306)

(0.282)

OP

33.61***

31.53***

24.28***

27.81***

28.94***

(3.215)

(3.196)

(3.337)

(5.160)

(3.589)

Rcp

−0.001

(0.005)

Icp

−0.416***

(0.155)

Pdp

0.012***

(0.002)

Ccc

0.001***

(0.001)

Constant

−0.154

0.831

−4.773***

1.674

0.067

(1.280)

(1.280)

(1.244)

(1.231)

(1.068)

Observations

204

204

204

204

204

R-squared

0.204

0.234

0.392

0.296

0.413