Coefficient

Robust Std. Error

t-ratio

p-value

Const

0.211

0.095

2.226

0.026**

Leverage

−0.092

0.027

−3.393

0.001***

Size

−0.006

0.006

−1.027

0.305

MKTbook

0.024

0.008

2.890

0.004***

NWC

−0.051

0.025

−2.028

0.042**

Divers dummy

−0.045

0.020

−2.171

0.030**