Lev

−0.3370

−0.3157

−0.2159

0.3785*

0.7043***

0.3490

(−1.3075)

(−1.2171)

(−0.7029)

(1.7927)

(3.2016)

(1.4490)

Top1

−0.0445

−0.2291

0.0993

0.1564

−0.1925

0.3828

(−0.1357)

(−0.7278)

(0.2685)

(0.6606)

(−0.7722)

(1.4298)

CF

1.2299***

1.1110***

1.0543**

0.6748*

0.5095

0.6363

(2.8665)

(2.8393)

(2.0979)

(1.8888)

(1.4600)

(1.5314)

Age

−0.0552

−0.1182**

0.0030

−0.0696*

−0.1042***

−0.0737

(−0.9738)

(−2.0793)

(0.0449)

(−1.7311)

(−2.6080)

(−1.5203)

Tangibility

−0.5658*

−0.5769*

−0.4712

−0.4586*

−0.3918

−0.2550

(−1.7167)

(−1.8912)

(−1.2666)

(−1.6971)

(−1.5251)

(−0.8332)

Roa

1.1845*

0.3705

2.0308**

2.3508***

2.7285***

1.4018*

(1.6754)

(0.5123)

(2.4706)

(3.7433)

(4.2973)

(1.8516)

Dual

0.1628

0.2374**

0.0373

0.1209*

0.1249*

0.0793

(1.4470)

(2.1814)

(0.2746)

(1.8968)

(1.9360)

(1.0649)

Indepen

0.4117

0.1705

0.8813

0.8950

0.7570

0.7215

(0.5072)

(0.2116)

(1.0091)

(1.6139)

(1.3184)

(1.1242)

Constant

−9.4853***

−9.8383***

−9.1836***

−8.4282***

−9.1833***

−7.4299***

(−8.9681)

(−9.8620)

(−7.4119)

(−5.9696)

(−6.8863)

(−4.4566)

Year

yes

yes

yes

yes

yes

yes

Industry

yes

yes

yes

yes

yes

yes

N

2909

2909

2909

3248

3248

3248

adj. R²

0.346

0.322

0.328

0.199

0.213

0.247