|
| (1) | (2) |
| VARIABLES | DT | Capx |
| Size | 0.2340*** | 0.0221*** |
|
| (15.67) | (9.66) |
| L. Debt ratio | 0.5355*** |
|
|
| (5.01) |
|
| L. F risk | −0.0017 |
|
|
| (−0.21) |
|
| L. I risk | 0.1026 |
|
|
| (1.12) |
|
| L. C risk | −0.0014 |
|
|
| (−0.32) |
|
| L.ROAVOL | 0.0013 |
|
|
| (0.27) |
|
| L.NCFVOL | −0.7688*** |
|
|
| (−4.22) |
|
| L.Z | 0.0034 |
|
|
| (1.37) |
|
| L.MI | 0.1391*** |
|
|
| (3.72) |
|
| L.CETR | −0.1699*** |
|
|
| (−3.82) |
|
| L.MB | −0.0945*** |
|
|
| (−6.75) |
|
| DT |
| −0.1087*** |
|
|
| (−4.88) |
| PPE |
| 0.1626*** |
|
|
| (15.30) |
| ROA |
| −0.0340 |
|
|
| (−0.87) |
| Debt ratio |
| −0.0272** |
|
|
| (−2.43) |
| Quick ratio |
| 0.0145*** |
|
|
| (14.18) |
| Z |
| −0.0033*** |
|
|
| (−9.44) |
| SGA |
| 0.0705*** |
|
|
| (5.19) |
| MB |
| 0.0096*** |
|
|
| (6.25) |
| Oversea |
| 0.0221*** |
|
|
| (3.49) |
| Ic index |
| 0.0000 |
|
|
| (0.65) |
| Ownership |
| −0.0302*** |
|
|
| (−9.39) |
| Age |
| −0.0009*** |
|
|
| (−3.25) |
| Dividend |
| −0.0719*** |
|
|
| (−6.36) |
| OCF |
| 0.0809*** |
|
|
| (8.59) |
| λi |
| 0.0495*** |
|
|
| (3.86) |
| Industry | Controlled | Controlled |
| Year | Controlled | Controlled |
| Constant | −6.0235*** | −0.4464*** |
|
| (−17.18) | (−9.29) |
| Observations | 9582 | 9582 |