| VARIABLES | (1) | (2) |
| DT | Debtchange | |
| Size | 0.3023*** | 0.0043 |
| (17.48) | (1.59) | |
| L. Debtratio | 0.4993*** |
|
| (4.20) |
| |
| L. Frisk | 0.0014 |
|
| (0.17) |
| |
| L. Irisk | 0.0395 |
|
| (0.42) |
| |
| L. Crisk | −0.0005 |
|
| (−0.11) |
| |
| L. ROAVOL | 0.0052 |
|
| (1.06) |
| |
| L. NCFVOL | −0.7854*** |
|
| (−4.18) |
| |
| L. Z | 0.0046 |
|
| (1.59) |
| |
| L. MI | 0.0567 |
|
| (1.44) |
| |
| L. CETR | −0.1745*** |
|
| (−3.75) |
| |
| L. MB | −0.0841*** |
|
| (−5.11) |
| |
| DT |
| −0.0551*** |
|
| (−3.10) | |
| PPE |
| −0.0531*** |
|
| (−3.32) | |
| ROA |
| 0.1041* |
|
| (1.81) | |
| Debtratio |
| 0.0281* |
|
| (1.75) | |
| Quickratio |
| 0.0010 |
|
| (0.64) | |
| Z |
| −0.0015*** |
|
| (−3.04) | |
| SGA |
| −0.0896*** |
|
| (−4.34) | |
| MB |
| 0.0191*** |
|
| (8.56) | |
| Oversea |
| 0.0147 |
|
| (1.56) | |
| Icindex |
| 0.0001*** |
|
| (4.02) | |
| Ownership |
| −0.0166*** |
|
| (−3.49) | |
| Age |
| −0.0015*** |
|
| (−3.60) | |
| Divident |
| −0.0420** |
|
| (−2.52) | |
| OCF |
| −0.0923*** |
|
| (−6.64) | |
| λi |
| 0.0281*** |
|
| (2.69) | |
| Industry | Controlled | Controlled |
| Year | Controlled | Controlled |
| Constant | −7.2365*** | −0.0573 |
| (−16.86) | (−0.91) | |
| Observations | 9581 | 9581 |