| Variables | (1) | (2) | (3) | (4) | (5) |
| Interest Rate | Interest Rate | Interest Rate | Interest Rate | Interest Rate | |
| Power_Sales | −0.00125 | −0.00124 | −0.00124 | −0.00214 | −0.00220 |
| (0.00177) | (0.00178) | (0.00178) | (0.00206) | (0.00209) | |
| Size |
| 0.0155 | 0.0179 | 0.01000 | 0.0159 |
|
| (0.107) | (0.111) | (0.127) | (0.128) | |
| Leverage |
|
| 0.00121 | 0.0245* | 0.0271** |
|
|
| (0.00933) | (0.0126) | (0.0121) | |
| Market_Book (M/B) |
|
|
| −0.00332* | −0.00333* |
|
|
|
| (0.00189) | (0.00189) | |
| Sales_Growth (S/G) |
|
|
| 0.000446 | 0.000395 |
|
|
|
| (0.00114) | (0.00115) | |
| Tangibility |
|
|
|
| −0.421 |
|
|
|
|
| (0.420) | |
| Profitability |
|
|
|
| 0.00733 |
|
|
|
|
| (0.0126) | |
| Long_Term_Debt_Ratio |
|
|
|
| −0.493 |
|
|
|
|
| (0.470) | |
| Constant | 7.093*** | 6.758*** | 6.704*** | 6.818** | 6.833** |
| (0.00288) | (2.308) | (2.401) | (2.752) | (2.738) | |
| Observations | 2217 | 2217 | 2217 | 1769 | 1768 |
| R-squared | 0.000 | 0.000 | 0.000 | 0.003 | 0.005 |
| Number of code | 396 | 396 | 396 | 359 | 359 |