Table 6 Summary of the regression estimate

ENV_t−1

 − 0.019*

[0.010]

 − 0.021**

[0.009]

SOC_t−1

0.018**

[0.008]

0.029***

[0.010]

GOV_t−1

0.010*

[0.005]

0.010**

[0.005]

ENV_t−1*AS

0.403**

[0.202]

SOC_t−1*AS

 − 0.483***

[0.182]

GOV_t−1*AS

0.020

[0.129]

SIZE_t−1

0.922*

[0.547]

1.112**

[0.527]

LEV_t−1

 − 2.164*

[1.153]

 − 1.611

[1.271]

LIQ_t−1

0.998***

[0.323]

1.028***

[0.336]

PROF_t−1

1.672***

[0.619]

1.771***

[0.596]

_cons

 − 21.151

[13.233]

 − 26.601**

[12.956]

r2_within

0.366

0.395

F

4.970

4.742

N

230.000

230.000