Variable

Model 5

Model 6

Model 7

Model 8

Age < 60

Age < 50

Ownship > 0

Ownship = 0

Rank

−3.794^*

−3.081^*

0.632

−6.829^**

(−1.84)

(−1.70)

(0.34)

(−2.43)

Tenure

−2.546

−2.271

0.862

−4.887

(−1.42)

(−1.58)

(0.53)

(−1.27)

Rank × Tenure

1.282^*

1.076^*

−0.322

2.413^**

(1.74)

(1.73)

(−0.50)

(2.51)

Age

−0.086

0.040

−0.026

0.006

(−1.15)

(1.21)

(−0.99)

(0.16)

Com

0.320

0.116

0.242

−0.005

(1.30)

(0.77)

(1.58)

(−0.03)

Own

−0.611^*

−0.566^*

−0.746^***

(−1.83)

(−1.66)

(−3.51)

ROE

4.546^***

2.304^***

1.633^***

6.076^***

(3.73)

(3.66)

(3.87)

(2.92)

Size

−0.003

−0.195

−0.389^*

−0.289

(−0.01)

(−1.06)

(−1.89)

(−1.11)

Lev

−0.341

−0.582

−1.043

−0.635

(−0.39)

(−0.80)

(−1.08)

(−0.63)

Grow

−0.010

0.127

−0.015

−0.579

(−0.01)

(0.19)

(−0.02)

(−0.62)

V

0.026

0.010

−0.008

−0.009

(1.45)

(0.87)

(−0.57)

(−0.46)

Inds

Control

Control

Control

Control

Obs.

52

97

39

69

R²

0.632

0.355

0.813

0.394