VARIABLES | u_R | u_Q | ||||
Growth stage | Maturity stage | Recession stage | Growth stage | Maturity stage | Recession stage | |
rel200 | −0.000 | −0.000* | −0.000 | −0.011*** | −0.007*** | −0.006** |
(−0.54) | (−1.77) | (−1.50) | (−2.90) | (−2.92) | (−2.26) | |
lev | 0.016 | 0.052*** | 0.046*** | −0.961*** | 0.425* | 1.054*** |
(1.45) | (8.00) | (9.58) | (−3.10) | (1.88) | (4.62) | |
lnboard | 0.003 | −0.007 | 0.006 | 0.001 | −0.095 | 0.121 |
(0.61) | (−1.58) | (1.22) | (0.00) | (−0.78) | (0.90) | |
growth | −0.000 | 0.001 | −0.000 | 0.099*** | 0.115*** | −0.067** |
(−0.31) | (0.62) | (−0.13) | (2.62) | (4.07) | (−2.03) | |
C_size | −0.007*** | −0.011*** | −0.012*** | −0.081** | −0.373*** | −0.547*** |
(−6.08) | (−12.38) | (−13.41) | (−2.18) | (−8.81) | (−11.87) | |
H10 | 0.029*** | 0.027*** | 0.028*** | 0.742*** | 0.902*** | 0.831*** |
(3.58) | (4.58) | (4.07) | (3.34) | (5.92) | (5.27) | |
seperation | −0.000 | −0.000 | −0.000 | −0.003 | −0.005* | −0.008*** |
(−0.62) | (−0.54) | (−1.25) | (−0.72) | (−1.93) | (−3.39) | |
age | 0.001*** | 0.001** | 0.001*** | −0.010 | 0.011 | 0.018** |
(2.76) | (2.48) | (3.01) | (−1.03) | (1.46) | (2.37) | |
Year(Ind) | Control | Control | Control | Control | Control | Control |
_cons | 0.154*** | 0.250*** | 0.236*** | 3.353*** | 8.781*** | 11.609*** |
(5.73) | (13.19) | (13.16) | (4.32) | (10.94) | (13.52) | |
N | 2693 | 4975 | 4446 | 2640 | 4805 | 4254 |
adj. R-sq | 0.068 | 0.162 | 0.212 | 0.110 | 0.158 | 0.269 |