*3.2. Results for the Large Firm Cohort*

When analysis is repeated with the large firm cohort, the Hausman test again indicates that the FE estimator should be used with all the dependent variables (see Table A2). The results for the large companies are summarized in Table 4.

Of the company determinants, Net income is significant at the 5% level in all six tests, with a similar small positive effect (0.011, 0.010, 0.002, 0.003) as with the SME cohort. Company size in sales (LOG\_Sales) is statistically significant at the 5% level and positive in all tests with a larger effect on profitability ratios (12.4, 14.5, 2.7, 2.6). Size in Assets (LOG\_Assets) is statistically significant at the 5% level in all six tests, as well as showing a larger negative effect on profitability (−16.7, −21.3, −5.04, −4.6, −5.8, −7.1). Liquidity (CurrentRatio) is once significant at the 5% with a larger negative effect (−3.225) on ROE. Leverage measured with Debt to Assets (D\_A) is significant at the 5% level once with a large positive effect on ROCE (7.113). Growth in sales (Sales\_G) is not included in the analysis due to the very low observation count in the large firm cohort (n = 249) Growth in assets (Assets\_G) is significant once at the 10% level with a small positive effect (0.04) on ROA (see Table A2).

Among the industry determinants, the Change in the Electricity Consumption (Elec-Cons\_G) is significant at the 5% level in three out of the six tests, with a large or moderate (−2.6, −0.735, −0.901) negative effect. The Change in the share of RE in the overall electric-

ity consumption (Elecreshare\_G) is significant at the 5% level in three out of the six tests, with a smaller positive effect (0.457, 0.112, 0.108) on profitability. The change in the market concentration (Marketconcentration\_G) is significant at the 5% level once with a moderate positive effect (0.643) on ROE. The GDP growth rate (GDPG) is not significant in any of the tests. The annual average FIT is significant at the 5% level in three out of the six tests, again with a very large negative effect (−289.3, −87.5, −91.1). The industry determinants' effects are not significant in the tests of the model where both firm and industry determinants are included (see Table A2).
