| Model (1a) | Model (1b) | Model (2a) | Model (2b) |
| Ins | Ins | Ins | Ins |
Liticount | 0.0800*** |
| 0.0613** |
|
| (3.64) |
| (2.52) |
|
Litiamount |
| 0.0318** |
| 0.0367*** |
|
| (2.40) |
| (2.65) |
Traindex |
|
| 0.5231*** | 0.5455*** |
|
|
| (3.60) | (3.75) |
Liticount*Traindex |
|
| 0.4478* |
|
|
|
| (1.88) |
|
Litiamount*Traindex |
|
|
| 0.2712** |
|
|
|
| (2.00) |
Hhi | −6.4445*** | −6.5326*** | −6.4468*** | −6.4839*** |
| (−3.08) | (−3.13) | (−3.08) | (−3.10) |
Age | 0.2823*** | 0.2821*** | 0.2903*** | 0.2891*** |
| (8.26) | (8.26) | (8.47) | (8.43) |
Top10 | 0.1095 | 0.1136 | 0.0988 | 0.1047 |
| (0.83) | (0.86) | (0.75) | (0.79) |
So | 0.0406 | 0.0396 | 0.0479 | 0.0465 |
| (0.93) | (0.91) | (1.09) | (1.06) |
Cfe | −0.1361 | −0.1420 | −0.1305 | −0.1414 |
| (−0.67) | (−0.70) | (−0.64) | (−0.70) |
Size | 0.1076*** | 0.1093*** | 0.1052*** | 0.1085*** |
| (5.39) | (5.44) | (5.26) | (5.39) |
Roe | −0.4145** | −0.4024** | −0.4209** | −0.4064** |
| (−2.18) | (−2.12) | (−2.21) | (−2.13) |
Lev | −0.0203 | −0.0114 | 0.0248 | 0.0271 |
| (−0.18) | (−0.10) | (0.22) | (0.24) |
Laz | 0.0574*** | 0.0563*** | 0.0550*** | 0.0535*** |
| (3.26) | (3.20) | (3.11) | (3.03) |
Tbq | 0.0474*** | 0.0457*** | 0.0488*** | 0.0472*** |
| (3.22) | (3.10) | (3.31) | (3.19) |
Loss | −0.1405 | −0.1328 | −0.1496 | −0.1440 |
| (−1.25) | (−1.18) | (−1.32) | (−1.27) |
_Cons | −3.7549*** | −3.7632*** | −4.1029*** | −4.1720*** |
| (−7.01) | (−7.01) | (−7.50) | (−7.61) |
Industry/Year | Yes | Yes | Yes | Yes |
N | 10,736 | 10,736 | 10,736 | 10,736 |
Pseudo-R2 | 0.0937 | 0.0925 | 0.0961 | 0.0953 |
LR-chi2 | 604.48 | 597.19 | 620.21 | 615.25 |