VARIABLES | u_R | u_Q | ||||
Growth | Maturity | Recession | Growth | Maturity | Recession | |
rel200 | 0.000 | −0.000*** | −0.000 | −0.003 | −0.011*** | −0.005 |
| (0.31) | (−2.94) | (−1.11) | (−1.35) | (−3.47) | (−1.44) |
lev | 0.013* | 0.038*** | 0.059*** | −0.211 | 0.625* | 0.968*** |
| (1.84) | (5.62) | (10.41) | (−0.89) | (1.93) | (4.20) |
lnboard | −0.003 | −0.004 | 0.010* | 0.111 | −0.141 | 0.189 |
| (−0.86) | (−0.82) | (1.65) | (1.00) | (−0.89) | (1.07) |
growth | 0.004*** | 0.000 | 0.000 | 0.118*** | 0.083* | 0.052 |
| (7.05) | (0.10) | (0.09) | (3.59) | (1.68) | (1.57) |
C_size | −0.004*** | −0.008*** | −0.015*** | −0.232*** | −0.284*** | −0.640*** |
| (−5.43) | (−8.88) | (−13.40) | (−6.46) | (−5.99) | (−12.63) |
age | 0.000 | 0.000 | −0.000 | −0.005 | 0.003 | 0.017** |
| (0.54) | (1.23) | (−0.10) | (−0.82) | (0.41) | (1.99) |
H10 | 0.014** | 0.025*** | 0.016** | 0.780*** | 0.821*** | 0.710*** |
| (2.35) | (3.82) | (1.99) | (4.92) | (4.53) | (3.62) |
seperation | −0.000 | −0.000 | −0.000 | −0.005** | −0.008** | −0.004 |
| (−0.06) | (−0.78) | (−1.11) | (−2.07) | (−2.26) | (−1.17) |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.111*** | 0.205*** | 0.296*** | 5.815*** | 7.019*** | 12.911*** |
| (7.16) | (9.66) | (12.10) | (8.49) | (7.75) | (13.03) |
N | 3689 | 4344 | 2878 | 3608 | 4211 | 2715 |
adj. R-sq | 0.065 | 0.124 | 0.224 | 0.115 | 0.131 | 0.263 |