Indicator;"Dependent variable"
ROE;"Debt burden";"Profit margin"
(1);(2);(3);(4);(5);(6);(7);(8);(9)
Constant;16.1420*(9.4017);13.7656***(4.9671);18.0718**(7.6390);–0.7207(4.4056);0.9813(1.9555);6.7246*(3.9846);17.5151(19.6809);–0.9841(10.5825);–30.4092*(17.8884)
"Total indirect government shar";0.0443**(0.0194);0.0432**(0.0192);0.0084(0.0192);0.0195(0.0200);0.0197(0.0199);–0.012(0.0108);80.0700*(0.0402);0.0668*(0.0402);0.0660(0.0437)
"Number of employees a";–0.2258(0.3342);–0.2519(0.3313);0.4998*(0.2620);;;;5.5661***(0.6969);5.5527***(0.6972);6.3752***(0.6588)
"Assets a";;;;;;;–0.6903*(0.4155);–0.7067*(0.4141);–0.7701*(0.4230)
"Ratio characterizing financial leverage";–1.1928***(0.2819);–1.1404***(0.2783);–0.5234**(0.1801);;;;;;
"Utilization of production facilities";–0.0086(0.1523);;–0.2795**(0.1355);0.0355(0.0754);;–0.0124(0.0746);–0.3468(0.3209);;–0.2717(0.3131)
"Exchange rate";–15.9759**(7.1405);;;–1.8071(3.4919);;;8.1932(14.9446);;
"Changes in GDP";;0.4534***(0.1057);;;0.0424(0.0507);;;0.1874(0.2246);
"Oil price";;8.4753**(3.6848);;;–0.3604(1.7735);;;–1.6548(7.7709);
"Exporting industries (1 means “yes”, 0 means “no”)";;;6.6535***(1.0221);;;–2.3735***(0.5586);;;15.6494***(2.3317)
"Fixed effects";Industry;Industry;Export;Industry;Industry;Export;Industry;Industry;Export
"Number of observations";776;776;776;807;807;807;754;754;754
"Coefficient of determination";0.209;0.223;0.078;0.422;0.422;0.023;0.407;0.406;0.162
"Adjusted coefficient of determination";0.173;0.187;0.072;0.333;0.333;0.019;0.381;0.381;0.156
F-statistics;5.763***;6.256***;13.006***;4.760***;4.769***;6.243***;15.965***;15.948***;28.879***
"Akaike information criterion";6222.537;6208.779;6283.693;5385.762;5385.156;5600.876;7146.240;7146.578;7354.784
"Schwarz information criterion";6390.087;6376.329;6316.272;5897.334;5896.728;5624.343;7298.878;7299.216;7387.161