MarketLeverage

BookLeverage

(1)

(2)

(3)

(4)

HHI

−0.112**

−0.082***

(0.048)

(0.026)

Top4

−0.185***

−0.087**

(0.068)

(0.037)

Profitability

−0.987***

−0.980***

−0.514***

−0.481***

(0.078)

(0.081)

(0.040)

(0.040)

FirmSize

0.095***

0.106***

0.074***

0.075***

(0.011)

(0.012)

(0.006)

(0.007)

Tangibility

0.413***

0.389***

0.201***

0.171***

(0.050)

(0.058)

(0.033)

(0.035)

Growth

0.008*

0.011**

0.003

0.002

(0.004)

(0.005)

(0.003)

(0.003)

Capex

−0.059

−0.137

0.069

0.042

(0.107)

(0.120)

(0.060)

(0.062)

EarningsVol

0.038

0.089

−0.015

−0.024

(0.150)

(0.151)

(0.084)

(0.087)

Constant

−1.085***

−1.330***

−0.847***

−0.895***

(0.152)

(0.180)

(0.089)

(0.094)

Observations

5112

5112

5112

5112

R-squared

0.791

0.790

0.832

0.846

Firm FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

ROBUST

YES

YES

YES

YES