Variable

(1)

slev

(2)

llev

(3)

debtqx

(4)

debtcy

L.slev

0.7447***

(0.0109)

L.llev

0.6943***

(0.0117)

L.debtqx

0.6558***

(0.0118)

L.debtcy

0.6238***

(0.0115)

finstr

−0.0056***

(0.0014)

−0.0008

(0.0009)

0.0005***

(0.0018)

−0.0048**

(0.0020)

Enterprise characteristic control variables

YES

YES

YES

YES

Macroeconomic control variables

YES

YES

YES

YES

Firm-fixed effect

YES

YES

YES

YES

Time-fixed effect

YES

YES

YES

YES

observed values

36175

36175

36175

36175

AR (1)

0.003

0.005

0.045

0.017

AR (2)

0.748

0.948

0.988

0.484

Hansen Test

13.03

13.59

13.07

13.22