|
| (1) | (1) |
| VARIABLES | OCFVOL | Debtcap |
| DT | 0.0025 | −0.0372*** |
|
| (0.72) | (−3.16) |
| Size | −0.0106*** | 0.0036 |
|
| (−3.40) | (0.40) |
| PPE | −0.0462*** | 0.0689** |
|
| (−3.38) | (2.55) |
| ROA | −0.0114 | −0.0910 |
|
| (−0.38) | (−0.41) |
| Debt ratio | 0.0553*** | −0.3141*** |
|
| (4.70) | (−5.04) |
| Quick ratio | 0.0010 | 0.0101* |
|
| (1.44) | (1.96) |
| Z | −0.0002 | 0.0137*** |
|
| (−0.70) | (3.93) |
| SGA | 0.2487*** | −0.2282** |
|
| (12.61) | (−2.00) |
| MB | 0.0048*** | 0.0149** |
|
| (4.12) | (2.50) |
| Oversea | 0.0160* | 0.0664*** |
|
| (1.65) | (2.73) |
| Ic index | −0.0000 | 0.0001** |
|
| (−1.31) | (2.43) |
| Ownership | −0.0331*** | −0.0561*** |
|
| (−3.85) | (−3.31) |
| Age | 0.0008 | −0.0053** |
|
| (0.21) | (−2.55) |
| Dividend | 0.0165* | −0.2421*** |
|
| (1.82) | (−5.01) |
| OCF | −0.0362*** | −0.2585*** |
|
| (−5.54) | (−3.70) |
| Industry | Controlled | Controlled |
| Year | Controlled | Controlled |
| Constant | 0.1649 | 1.3949*** |
|
| (1.59) | (4.75) |
| Observations | 10,710 | 10,710 |
| Adjusted R-squared | −0.1799 | 0.1067 |
| F | 13.40 | 19.16 |