MarketLeverage

BookLeverage

(1)

(2)

(3)

(4)

HHI

−0.122***

−0.089***

(0.041)

(0.020)

Top4

−0.189***

−0.090***

(0.068)

(0.032)

HighESG

0.030***

0.118**

0.017***

0.067***

(0.011)

(0.047)

(0.005)

(0.022)

HHIxHighESG

0.053**

0.029**

(0.026)

(0.012)

Top4IxHighESG

0.129**

0.067**

(0.060)

(0.029)

Profitability

−0.989***

−0.982***

−0.515***

−0.482***

(0.061)

(0.065)

(0.030)

(0.031)

FirmSize

0.096***

0.106***

0.074***

0.075***

(0.009)

(0.010)

(0.005)

(0.005)

Tangibility

0.412***

0.389***

0.200***

0.171***

(0.046)

(0.051)

(0.022)

(0.024)

Growth

0.008**

0.011***

0.003*

0.002

(0.004)

(0.004)

(0.002)

(0.002)

Capex

−0.056

−0.133

0.071

0.044

(0.105)

(0.117)

(0.050)

(0.055)

EarningsVol

0.036

0.083

−0.016

−0.028

(0.138)

(0.145)

(0.066)

(0.068)

Constant

−1.105***

−1.337***

−0.856***

−0.899***

(0.129)

(0.150)

(0.062)

(0.071)

Observations

5112

5112

5112

5112

R-squared

0.791

0.791

0.882

0.886

Firm FE

YES

YES

YES

YES

Year FE

YES

YES

YES

YES

ROBUST

YES

YES

YES

YES