(1)

(2)

(3)

(4)

VARIABLES

m2

m3

m4

m5

public

0.0819**

(0.0353)

lat

0.193***

0.194***

0.175***

0.195***

(0.0109)

(0.0108)

(0.0105)

(0.0108)

boardsize

0.0141**

0.0138**

0.0125**

0.0141**

(0.00629)

(0.00629)

(0.00625)

(0.00629)

supersize

0.00668

0.00664

0.00723

0.00690

(0.00812)

(0.00810)

(0.00805)

(0.00810)

q1

0.0185***

0.0183***

0.0158**

0.0185***

(0.00660)

(0.00662)

(0.00654)

(0.00658)

foreign

-0.439***

-0.423***

-0.473***

-0.427***

(0.113)

(0.111)

(0.110)

(0.113)

b_share

-0.212

-0.205

-0.255

-0.201

(0.167)

(0.167)

(0.172)

(0.167)

tangible

-0.126*

-0.131**

-0.113*

-0.136**

(0.0660)

(0.0658)

(0.0654)

(0.0657)

2007.year

0.0255

0.0116

0.0237

0.00429

(0.116)

(0.117)

(0.116)

(0.116)

2008.year

-0.160*

-0.168**

-0.148*

-0.168**

(0.0836)

(0.0839)

(0.0807)

(0.0821)

2009.year

-0.112

-0.119

-0.100

-0.118

(0.0903)

(0.0903)

(0.0875)

(0.0887)

2010.year

-0.163**

-0.169**

-0.161**

-0.168**

(0.0813)

(0.0815)

(0.0786)

(0.0796)

2011.year

-0.130

-0.139*

-0.134*

-0.139*

(0.0802)

(0.0804)

(0.0774)

(0.0785)

2012.year

-0.132*

-0.140*

-0.137*

-0.139*

(0.0797)

(0.0799)

(0.0769)

(0.0780)

2013.year

-0.123

-0.130

-0.126

-0.125

(0.0802)

(0.0804)

(0.0774)

(0.0785)