Small

Large

DEBT

LnEPU

−0.006756**

(−2.08)

−0.007635**

(−2.00)

−0.008394***

(−2.64)

−0.011489***

(−3.06)

MIXTONE * LnEPU

0.022933

(0.55)

0.028719

(0.70)

0.178779***

(3.45)

0.166791***

(3.22)

MIXTONE1

−0.037166

(−0.15)

−0.835064***

(−2.86)

MIXTONE2

−0.072017

(−0.30)

−0.777095***

(−2.66)

Cons

0.154503

(1.43)

0.159749

(1.45)

0.998556***

(6.88)

1.014921***

(6.90)

Control Variable

Yes

Yes

Yes

Yes

Firm FE

Yes

Yes

Yes

Yes

Year FE

Yes

Yes

Yes

Yes

Ind Clustering

Yes

Yes

Yes

Yes

Obs

9001

9001

9004

9004

Adj-R²

0.0294

0.0294

0.0670

0.0663