Rt-roa | All | Use = 1 | Use = 0 |
Pledge | 0.018*** | 0.051*** | −0.009 |
(2.73) | (5.42) | (−1.00) | |
| Chi = 14.4*** P = 0.000 | ||
| |||
Size | −0.300*** | −0.341*** | −0.263*** |
| (−36.18) | (−28.03) | (−23.06) |
Lev | 0.108*** | 0.170*** | 0.060*** |
| (13.83) | (14.16) | (5.82) |
Growth | 0.024*** | 0.031*** | 0.018*** |
| (4.86) | (4.08) | (2.72) |
Soe | 0.003 | −0.015 | 0.017** |
| (0.43) | (−1.63) | (2.02) |
Age | 0.206*** | 0.225*** | 0.177*** |
| (28.12) | (21.48) | (17.03) |
R & D | 0.039*** | 0.039*** | 0.043*** |
| (6.29) | (4.16) | (5.11) |
Hold | −0.010 | −0.007 | −0.013 |
| (−1.50) | (−0.71) | (−1.45) |
Constant | 0.133** | 0.238*** | 0.026 |
| (2.41) | (2.86) | (0.35) |
Indurstry | Yes | Yes | Yes |
Year | Yes | Yes | Yes |
Observations | 25168 | 11440 | 13728 |
Adjusted-R2 | 0.09 | 0.13 | 0.08 |