Variables	(1)	(2)	(3)	(4)	(5)
Variables	Financial Leverage Ratio	Financial Leverage Ratio	Financial Leverage Ratio	Financial Leverage Ratio	Financial Leverage Ratio
Power_Sales	−0.478*	−0.702	−0.302	−0.308	0.0409
Power_Sales	(0.262)	(0.622)	(0.466)	(0.469)	(0.270)
Rating		−8.233	6.648	6.517	9.732
Rating		(19.46)	(11.20)	(11.22)	(12.72)
Size			−303.7***	−301.5***	−357.8***
Size			(61.85)	(67.33)	(61.91)
Leverage			8130***	8134***	7869***
Leverage			(263.3)	(270.1)	(324.9)
Market_Book (M/B)				7.793	−50.51
Market_Book (M/B)				(57.28)	(58.55)
Sales_Growth (S/G)				−1.733	−9.975
Sales_Growth (S/G)				(6.757)	(7.478)
Tangibility					967.0**
Tangibility					(414.4)
Profitability					−10.81
Profitability					(14.50)
Constant	2478***	2585***	7221***	7152***	8637***
Constant	(2.644)	(41.58)	(1597)	(1791)	(1664)
Observations	5943	2109	1301	1301	941
R-squared	0.001	0.002	0.686	0.686	0.680
Number of id	1601	394	343	343	299