| Variables | (1) | (2) | (3) | (4) | (5) |
| Financial Leverage Ratio | Financial Leverage Ratio | Financial Leverage Ratio | Financial Leverage Ratio | Financial Leverage Ratio | |
| Power_Sales | 0.372 | 1.767 | 0.454 | −0.132 | −251.0*** |
| (0.511) | (1.547) | (0.390) | (0.367) | (21.30) | |
| Rating |
| 52.45 | 89.71 | 22.16 | −18.69 |
|
| (98.83) | (63.48) | (59.58) | (76.86) | |
| Size |
|
| 194.9 | 173.8 | 3446** |
|
|
| (158.4) | (182.1) | (1436) | |
| Leverage |
|
| 5364*** | 6692*** | 1435 |
|
|
| (786.5) | (927.7) | (1100) | |
| Market_Book (M/B) |
|
|
| 175.0** | 707.9*** |
|
|
|
| (82.25) | (152.4) | |
| Sales_Growth (S/G) |
|
|
| −0.542 | 4.222*** |
|
|
|
| (1.654) | (0.968) | |
| Tangibility |
|
|
|
| −2926 |
|
|
|
|
| (2216) | |
| Profitability |
|
|
|
| 198.1*** |
|
|
|
|
| (17.19) | |
| Constant | 1963*** | 2068*** | −4610 | −5081 | −84,224** |
| (1.007) | (212.6) | (3911) | (4548) | (35,219) | |
| Observations | 1711 | 349 | 212 | 183 | 125 |
| R-squared | 0.000 | 0.008 | 0.538 | 0.647 | 0.982 |
| Number of id | 1326 | 249 | 175 | 157 | 116 |