...) ( LEV i , t ) = δ i + γ 1 ( S i t ) + γ 2 ( S i t − 1 ) + γ 3 ( ROA i t ) + γ 4 ( SIZE i t ) + γ 5 ( ESI t ) + time   dummies   + ε i t Additionally, it is important to note that any...

... index (ESI), the European Central Bank key interest rate and the Euro area crisis on sector's profitability, while weak statistical significance appears to emerge for the firm's size. Moreover, the authors find average 14.4% profitability for the entire sector of the Euro area, without significant...