| VARIABLES | (1) | (2) |
| Debtchanget | Debtratiot+1 | |
| DT | −0.0850*** | −0.0034** |
| (−3.70) | (−2.36) | |
| Size | 0.0353*** | 0.0088*** |
| (3.25) | (8.62) | |
| PPE | −0.5537*** | −0.0258*** |
| (−4.15) | (−3.21) | |
| ROA | 1.2516** | −0.0908*** |
| (2.05) | (−3.48) | |
| Debtratio | 0.2565** | 0.8519*** |
| (2.03) | (85.19) | |
| Quickratio | 0.0141*** | −0.0027*** |
| (2.72) | (−6.93) | |
| Z | −0.0150*** | 0.0007*** |
| (−5.53) | (6.00) | |
| SGA | 0.1612 | −0.0248*** |
| (1.40) | (−3.07) | |
| MB | 0.0804*** | −0.0014* |
| (3.91) | (−1.95) | |
| Oversea | 0.1760*** | 0.0042*** |
| (4.02) | (3.16) | |
| Icindex | 0.0003*** | 0.0000 |
| (5.07) | (0.73) | |
| Ownership | −0.1669*** | −0.0042 |
| (−9.11) | (−1.14) | |
| Age | −0.0094*** | −0.0004*** |
| (−4.10) | (−2.72) | |
| Divident | −0.2357** | −0.0066 |
| (−2.27) | (−0.84) | |
| OCF | −0.1611* | −0.0481*** |
| (−1.84) | (−6.95) | |
| Industry | Controlled | Controlled |
| Year | Controlled | Controlled |
| Constant | −0.7920*** | −0.0563** |
| (−3.06) | (−2.06) | |
| Observations | 9958 | 10,710 |
| Adjusted R-squared | 0.0818 | 0.8544 |
| F | 17.55 | 21.96 |