| Variables | (1) | (2) | (3) | (4) | (5) |
| Financial Leverage Ratio | Financial Leverage Ratio | Financial Leverage Ratio | Financial Leverage Ratio | Financial Leverage Ratio | |
| Power_Sales | −0.501*** | −0.744 | −0.844** | −0.847** | −0.983** |
| (0.182) | (0.462) | (0.361) | (0.369) | (0.483) | |
| Rating |
| 5.544 | 9.323 | 9.282 | 2.843 |
|
| (14.13) | (10.16) | (10.03) | (11.18) | |
| Size |
|
| −289.0*** | −324.2*** | −259.2*** |
|
|
| (61.47) | (60.01) | (57.32) | |
| Leverage |
|
| 7385*** | 7350*** | 7271*** |
|
|
| (283.2) | (267.3) | (307.4) | |
| Market_Book (M/B) |
|
|
| −35.42* | −29.14 |
|
|
|
| (20.12) | (19.02) | |
| Sales_Growth (S/G) |
|
|
| −0.182 | −0.419 |
|
|
|
| (0.276) | (0.307) | |
| Tangibility |
|
|
|
| 917.0* |
|
|
|
|
| (533.8) | |
| Profitability |
|
|
|
| 26.13** |
|
|
|
|
| (12.92) | |
| Constant | 2017*** | 2243*** | 6751*** | 7751*** | 6062*** |
| (0.544) | (29.94) | (1526) | (1491) | (1463) | |
| Observations | 16,216 | 4509 | 2648 | 2619 | 1836 |
| R-squared | 0.001 | 0.001 | 0.627 | 0.635 | 0.629 |
| Number of id | 3266 | 614 | 582 | 576 | 525 |