Table 3.

FE estimation results for equation (1).

Variables	(1)	(2)	(3)	(4)	(5)
	LSHR	LSHR	LSHR	LSHR	LSHR
LBRP	1.8094***	1.8956***	1.3978***	1.4049***	0.9707***
	(0.3278)	(0.3278)	(0.3107)	(0.3104)	(0.3383)
Size		−0.4384***	−0.4674***	−0.4631***	−0.4806***
		(0.0919)	(0.0959)	(0.0967)	(0.0969)
Age		0.3026	−2.1302***	−1.9276***	−1.8660***
		(0.4344)	(0.4170)	(0.4190)	(0.4179)
Lev			0.0097***	0.0092***	0.0090**
			(0.0035)	(0.0035)	(0.0035)
Roe			−0.1283***	−0.1290***	−0.1288***
			(0.0042)	(0.0043)	(0.0043)
Di			−0.0248	−0.0264	−0.0250
			(0.0197)	(0.0197)	(0.0197)
Sa			−1.6287***	−1.7589***	−1.8374***
			(0.5925)	(0.6007)	(0.6020)
First				0.0084	0.0084
				(0.0054)	(0.0054)
Bsiz				0.3765	0.3811
				(0.2532)	(0.2536)
Indr				−0.0012	−0.0016
				(0.0065)	(0.0065)
Istr				−0.0030*	−0.0030*
				(0.0016)	(0.0016)
Pgdp					1.1306***
					(0.3433)
Fsiz					2.7362***
					(0.5221)
Constant	18.0927***	22.5647***	23.9284***	21.9188***	9.0775**
	(0.1575)	(1.3947)	(2.0439)	(2.2610)	(4.2944)
Individual	Yes	Yes	Yes	Yes	Yes
Annual	Yes	Yes	Yes	Yes	Yes
observations	30,731	30,731	30,731	30,731	30,731
R2	0.0432	0.0448	0.1308	0.1311	0.1320
N	3384	3384	3384	3384	3384

Robust standard errors for double clustering in parentheses, ***p < 0.01, **p < 0.05, *p < 0.1, same.