(1)

(2)

(3)

(4)

(5)

(6)

(7)

VARIABLES

Y

Y

Y

Y

Y

Y

Y

Did

0.014***

0.013***

0.013***

0.013***

0.013***

0.013***

0.013***

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

(0.001)

Lnsize

-0.008***

-0.007***

-0.008***

-0.007***

-0.007***

-0.007***

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Lev

-0.017***

-0.017***

-0.018***

-0.009***

-0.009***

(0.002)

(0.002)

(0.002)

(0.002)

(0.002)

Growth

0.003***

0.002***

0.001*

0.001*

(0.000)

(0.000)

(0.000)

(0.000)

Tat

0.010***

0.009***

0.009***

(0.001)

(0.001)

(0.001)

Roa

0.068***

0.068***

(0.004)

(0.004)

Top10

-0.002

(0.002)

Constant

0.605***

0.787***

0.770***

0.779***

0.751***

0.761***

0.761***

(0.001)

(0.008)

(0.008)

(0.008)

(0.008)

(0.008)

(0.008)

Observations

14,196

14,196

14,196

14,196

14,196

14,196

14,196

R-squared

0.874

0.879

0.880

0.881

0.883

0.885

0.885

Number of id

1,014

1,014

1,014

1,014

1,014

1,014

1,014

yearfix

YES

YES

YES

YES

YES

YES

YES

idfix

YES

YES

YES

YES

YES

YES

YES