(3) $$ \begin{aligned} MLV_{it} = \beta_{0} + \beta_{1} MLV_{it - 1} + \beta_{2} PROF_{it} + \beta_{3} MBR_{it} + \beta_{4} SZ_{it} + \beta_{5} NDTS_{it} + \beta_{6} TANG_{it} \\ \quad + \beta_{7} EVOL_{it} + \beta_{8} ASTGRW_{it} + ...
Z1HC9FAuo9N2LZ9sXAQdAfjzwPIEq5Opj2NoLSmT3FqZKi9slIevGXemt53bj2R78rpW0Hv3Ay2O6xqipiD61ywQC00KTY5U1l6CNavNvTHW3gKVEbSPP2RVjulngZQu6CdK2foWhdKQNok7c8bG6-rmu-rK86DdW8iV8j2wAhaMbrfI764ujRrXrn0WN17drV1bK49fK0-ONTW6x0-ks_1UG5diSKiNkxHWn0IfERjVp7Mszo3LiigUYBI8W2jX8qcjiWlMLVdfL...