| VARIABLES | (1) | (2) |
| Debtchange | Debtchange | |
| DT | −0.0372*** | −0.0040* |
| (−3.16) | (−1.84) | |
| Size | 0.0036 | 0.0096*** |
| (0.40) | (2.90) | |
| PPE | 0.0689** | −0.0534*** |
| (2.55) | (−3.79) | |
| ROA | −0.0910 | 0.0020 |
| (−0.41) | (1.21) | |
| Debtratio | −0.3141*** | 0.0282 |
| (−5.04) | (0.76) | |
| Quickratio | 0.0101* | 0.0053 |
| (1.96) | (1.16) | |
| Z | 0.0137*** | −0.0029** |
| (3.93) | (−1.97) | |
| SGA | −0.2282** | −0.2214** |
| (−2.00) | (−2.35) | |
| MB | 0.0149** | 0.0205*** |
| (2.50) | (3.80) | |
| Oversea | 0.0664*** | −0.0007 |
| (2.73) | (−0.06) | |
| Icindex | 0.0001** | 0.0000 |
| (2.43) | (0.31) | |
| Ownership | −0.0561*** | −0.0223*** |
| (−3.31) | (−3.17) | |
| Age | −0.0053** | −0.0014** |
| (−2.55) | (−2.03) | |
| Divident | −0.2421*** | −0.0542** |
| (−5.01) | (−2.52) | |
| OCF | −0.2585*** | −0.1031*** |
| (−3.70) | (−2.85) | |
| Industry | Controlled | Controlled |
| Year | Controlled | Controlled |
| Constant | 1.3949*** | −0.2857*** |
| (4.75) | (−3.72) | |
| Observations | 10,710 | 3174 |
| Adjusted R-squared | 0.1067 | 0.0383 |
| F | 19.16 | 3.422 |