Table 9.

Shows OLS/FE estimates in the High - scoring data set from 1990 to 2018.

	−1	−2
	OLS	FE
RoA	1.646⁎⁎⁎	1.222⁎⁎⁎
	−1.168	−1.182
MarketCap	1.142⁎⁎⁎	1.411⁎⁎⁎
	−1.112	−1.166
Asset quality	−1.142⁎⁎⁎	−1.164⁎⁎⁎
	−1.114	−1.126
ManIneff	−1.461⁎⁎⁎
	−1.164
Z-score	−1.484⁎⁎⁎	−1.282
	−1.111	−1.281
L.lnREC	−2.214⁎⁎⁎	−1.142
	−1.188	−1.242
DynCorp	−2.661⁎⁎⁎	−1.244
	−1.114	−1.422
dlnGDPPC	−2.642⁎⁎⁎	1.114
	−1.142	−1.482
dlnCO2	−2.862⁎⁎⁎	1.428
	−1.144	−1.412
FDI	−1.484⁎⁎⁎	−1.446⁎⁎⁎
	−1.168	−1.18
trade	−1.868⁎⁎⁎	−1.848⁎⁎⁎
	−1.188	−1.168
Leiva	−1.122⁎⁎⁎	−1.168⁎⁎⁎
	−1.116	−1.124
Institution	−1.611⁎⁎⁎	−1.116
	−1.188	−1.12
Urbanization	−1.621⁎⁎⁎
	−1.168
Constant	12.468⁎⁎⁎	−2.246
	−1.442	−2.262
Observations	118,812	118,812
Nr. of ContrID		41,684
Wald test	Yes	Yes
Sargan's test	Yes	Yes
1st order auto	No	Yes
2nd order auto	1.168

Source: Author Calculation