ΔLEVt | ||||||
Good/Poor Governance | All Firms | |||||
OLS | FE | IV | OLS | FE | IV | |
ΔPRFTt−1 | 0.0406*** | 0.0293*** | 0.0424*** | 0.014*** | 0.01*** | 0.01*** |
(0.0050) | (0.0050) | (0.0050) | (0.0010) | (0.0010) | (0.0010) | |
i_PRFT† | −0.0820* | −0.0385* | −0.077** | −0.105*** | −0.04** | −0.077** |
(0.0440) | (0.0250) | (0.0400) | (0.0250) | (0.0250) | (0.0370) | |
ΔCOLt−1 | 0.164*** | 0.119*** | 0.163*** | 0.0249*** | 0.00824*** | 0.00891*** |
(0.0270) | (0.0280) | (0.0270) | (0.0020) | (0.0020) | (0.0030) | |
i_COL† | −0.161*** | −0.111*** | −0.176*** | −0.0440*** | −0.0302** | −0.0677*** |
(0.0290) | (0.0300) | (0.0300) | (0.0120) | (0.0110) | (0.0130) | |
ΔSIZEt−1 | 0.0712*** | 0.200*** | 0.0792*** | 0.0475*** | 0.111*** | 0.0496*** |
(0.0240) | (0.0290) | (0.0240) | (0.0070) | (0.0090) | (0.0070) | |
i_SIZE† | −0.0297 | −0.0235 | 0.0046 | −0.00906 | −0.00071 | 0.0126** |
(0.0210) | (0.0290) | (0.0220) | (0.0060) | (0.0040) | (0.0060) | |
Dummy | −0.0891 | 0 | 0.258** | −0.00592 | −0.0036 | −0.00434 |
(0.0660) | 0.0000 | (0.1090) | (0.0180) | (0.0150) | (0.0190) | |
ΔLTSt−1 | −0.0907*** | −0.149*** | −0.0976*** | −0.0302*** | −0.0454*** | −0.0234*** |
(0.0300) | (0.0330) | (0.0300) | (0.0080) | (0.0110) | (0.0080) | |
ΔMTBt−1 | −6.761*** | −2.798 | −5.542** | −14.69*** | −6.460*** | −15.05*** |
(2.1650) | (2.1140) | (2.1960) | (0.7010) | (0.6490) | (0.7230) | |
ΔCAPEXt−1 | −0.245*** | 0.265*** | −0.221** | −0.0710** | 0.0295 | −0.0629** |
(0.0890) | (0.0850) | (0.0900) | (0.0300) | (0.0290) | (0.0310) | |
ΔINTANGt−1 | 2.601*** | 1.353*** | 2.930*** | 1.891*** | 1.348*** | 1.117*** |
(0.2960) | (0.3060) | (0.4410) | (0.1140) | (0.1090) | (0.1300) | |
ΔCFt−1 | −5.846*** | −6.200*** | −5.745*** | −6.146*** | −2.302*** | −4.646*** |
(2.0360) | (1.8680) | (2.0370) | (0.6630) | (0.6170) | (0.6900) | |
ΔRISKt−1 | −0.00283 | −0.0137 | 0.000634 | −0.0123*** | −0.00511** | −0.0158*** |
(0.0120) | (0.0110) | (0.0120) | (0.0020) | (0.0020) | (0.0020) | |
ΔMEDt | 0.109*** | 0.0843*** | 0.106*** | 0.105*** | 0.102*** | 0.0990*** |
(0.0080) | (0.0070) | (0.0080) | (0.0030) | (0.0020) | (0.0030) | |
ΔNWCt−1 | −25.32*** | −11.86*** | −24.30*** | −2.705*** | −1.542*** | −3.028*** |