Indicator;"Dependent variable"
ROE;"Debt burden";"Profit margin"
(1);(2);(3);(4);(5);(6);(7);(8);(9)
Constant;12.4495;8.9576*;14.1183*;2.9656;4.3158***;6.6504*;18.7747;–2.8846;–31.4336*
;(9.3147);(5.0589);(7.6457);(4.7290);(1.6049);(3.9874);(19.6067);(10.5777);(17.9020)
"Total direct government share";–0.0697***(0.0190);–0.0689***(0.0188);–0.0550***(0.0136);0.0155*(0.0088);0.0154*(0.0088);0.0091(0.0074);–0.0821**(0.0394);–0.0809**(0.03958);–0.0724**(0.0322)
"Number of employees a";–0.4107(0.3420);–0.4558(0.3388);0.4304(0.2738);;;;5.4150***(0.7152);5.4299***(0.7159);6.2910***(0.6672)
"Assets a";0.6877***(0.1987);0.7262***(0.1959);0.4422***(0.1807);;;;–0.2740(0.4095);–0.3193(0.4075);–0.4317(0.4175)
"Ratio characterizing financial leverage";–1.1704***(0.2858);–1.0010***(0.2819);–0.4328**(0.1795);;;;–0.0024(0.0172);–0.0024(0.0172);–0.0000(0.0199)
"Utilization of production facilities";–0.0269(0.1509);;–0.2713**(0.1338);0.0313(0.0851);;–0.0185(0.0743);–0.4144(0.3189);;–0.2653(0.3118)
"Exchange rate";–13.5649*(7.0893);;;–3.6141(3.9774);;;11.6673(14.8345);;
"Changes in GDP";;0.4568***(0.1045);;;0.0608(0.0575);;;0.1001(0.2244);
"Oil price";;;7.7410**(3.6414);;–0.3655(2.0125);;;–1.6385(7.7413);
"Exporting industries(1 means “yes”, 0 means “no”)";;;6.4264***(1.0114);;;–2.2599***(0.5577);;;15.0830***(2.3161)
"Fixed effects";Industry;Industry;Export;Industry;Industry;Export;Industry;Industry;Export
"Number of observations";776;776;776;807;807;807;748;748;748
"Coefficient of determination";0.228;0.243;0.101;0.139;0.139;0.023;0.410;0.409;0.161
"Adjusted coefficient of determination";0.191;0.207;0.094;0.121;0.121;0.019;0.384;0.382;0.154
F-statistics;6.236***;6.789***;14.401***;7.502***;7.520***;6.284***;15.523***;15.449***;23.738***
"Akaike information criterion";6206.030;6190.520;6265.978;5526.568;5526.568;5600.755;7077.376;7078.843;7288.468
"Schwarz information criterion";6378.234;6362.724;6303.211;5615.741;5615.470;5624.222;7234.368;7235.835;7325.407