| Variable | (1)
| (2)
| (3)
|
| L.lev | 0.8717*** (0.0075) | 0.8102*** (0.0096) | 0.8102*** (0.0096) |
| finstr | −0.0004** (0.0012) | −0.0054*** (0.0012) | −0.0054*** (0.0012) |
| Enterprise characteristic control variables | NO | YES | YES |
| Macroeconomic control variables | NO | NO | YES |
| Firm-fixed effect | YES | YES | YES |
| Time-fixed effect | YES | YES | YES |
| observed values | 36175 | 36175 | 36175 |
| AR (1) | 0.004 | 0.003 | 0.004 |
| AR (2) | 0.073 | 0.120 | 0.120 |
| Hansen Test | 13.00 | 13.03 | 13.59 |