Indicator;"Dependent variable" ROE;"Debt burden";"Profit margin" (1);(2);(3);(4);(5);(6);(7);(8);(9) Constant;12.3199(9.3956);9.0681*(5.1004);13.1149*(7.6757);–2.9906(8.5437);–1.8108(7.9379);6.9349*(3.9834);19.3251(19.6919);–1.7329(10.6041);–31.1156*(17.9741) "Total government share";–0.0361**(0.0178);–0.0372**(0.0176);–0.0493***(0.0129);0.0366*(0.0218);0.0367*(0.0217);0.0027(0.0068);–0.0234(0.0368);–0.0245(0.0368);–0.0361(0.0300) "Number of employees a";–0.5406(0.3428);–0.5859*(0.3394);0.3783(0.2734);–0.2664(0.8333);–0.2908(0.8304);;5.2043***(0.7119);5.2192***(0.7124);6.1613***(0.6682) "Assets a";0.7470***(0.2095);0.7922***(0.2067);0.5270***(0.1858);;;;–0.2790(0.4311);–0.3166(0.4292);–0.4005(0.4318) "Financial leverage ratio";–1.0697***(0.2857);–1.0008***(0.2816);–0.4657***(0.1794);;;;–0.0030–0.002(0.0172);0.0029(0.0173);9–0.0003(0.0200) "Utilization of production facilities";–0.0207(0.1520);;–0.2529*(0.1342);0.0227(0.0764);;–0.0214(0.0744);–0.4013(0.3199);;–0.2615(0.3133) "Exchange rate";–13.9101*(7.1344);;;–0.9580(3.4734);;;11.2935(14.8826);; "Changes in GDP";;0.4655***(0.1051);;;0.0659(0.0523);;;0.1099(0.2249); "Oil price";;7.7901**(3.6654);;;–0.7740(1.8098);;;–1.7846(7.7678); "Exporting industries (1 means “yes”, 0 means “no”)";;;6.2541***(1.0179);;;–2.2836***(0.5612);;;14.9812***(2.3311) "Fixed effects";Industry;Industry;Export;Individual;Individual;Export;Industry;Industry;Export "Number of observations";776;776;776;758;758;807;748;748;748 "Coefficient of determination";0.218;0.234;0.099;0.437;0.439;0.021;0.407;0.406;0.157 "Adjusted coefficient of determination";0.181;0.198;0.092;0.343;0.345;0.018;0.380;0.379;0.150 F-statistics;5.894***;6.455***;14.060***;4.662***;4.694***;5.819***;15.316***;15.251***;23.023*** "Akaike information criterion";6215.806;6199.860;6267.833;5033.735;5031.434;5602.127;7081.478;7082.765;7292.105 "Schwarz information criterion";6388.010;6372.064;6305.067;5543.110;5540.809;5625.594;7238.470;7239.757;7329.044