| All Dlnfee | All Dlnfee | All Dlnfee | Dlnfee > 0 | Dlnfee < 0 |
| (1) | (2) | (3) | (4) | (5) |
Dlnfee | 0.0420** (2.32) | 0.0519*** (2.85) | 0.0407** (2.25) | 0.0229** (2.34) | 0.1238** (1.99) |
Lev | 0.2939*** (12.02) |
| 0.3058*** (12.10) | 0.3801*** (8.93) | 0.4508*** (4.28) |
Roa | 0.1467*** (3.73) |
| 0.1585*** (4.01) | 0.2384*** (3.20) | 0.3019* (1.93) |
Cashf | 0.0662 (1.04) |
| 0.0233 (0.36) | 0.0266 (0.24) | 0.2096 (0.75) |
Big10 |
| 0.0264*** (2.81) | 0.0210** (2.26) | 0.0262* (1.75) | 0.0246 (0.62) |
Inv |
| −0.0262 (−0.73) | −0.1293*** (−3.47) | −0.1363** (−2.14) | −0.2372 (−1.41) |
Sqsub |
| 0.0245*** (3.34) | 0.0149** (2.03) | 0.0268** (2.29) | 0.0049 (0.16) |
con | −0.0875*** (−3.31) | 0.0279 (1.02) | −0.1145*** (−3.82) | −0.2245*** (−4.30) | −0.0923 (−0.72) |
Ind | control | control | control | control | control |
Year | control | control | control | control | control |
f | 39.26*** | 34.10*** | 36.34*** | 17.17*** | 5.45*** |
adj | 0.1387 | 0.1223 | 0.1410 | 0.1347 | 0.1797 |
n | 6889 | 6889 | 6889 | 3221 | 590 |