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