| (0.00101) | (0.00100) | (0.00147) | (0.00146) |
l_roa | −0.00978 | −0.00967 | −0.0163 | −0.0168 |
| (0.00746) | (0.00741) | (0.0105) | (0.0104) |
l_lev | −0.0109*** | −0.0108*** | −0.0161*** | −0.0162*** |
| (0.00307) | (0.00307) | (0.00505) | (0.00504) |
l_current | 0.0576*** | 0.0576*** | 0.0263 | 0.0251 |
| (0.0169) | (0.0170) | (0.0229) | (0.0228) |
l_rt | −2.36e−05 | −6.77e−05 | −0.000304 | −0.000385 |
| (0.000772) | (0.000773) | (0.000914) | (0.000915) |
l_it | −0.00289 | −0.00277 | 0.00277 | 0.00286 |
| (0.00661) | (0.00660) | (0.00551) | (0.00553) |
l_sum10 | −0.00538*** | −0.00519*** | −0.00528** | −0.00510** |
| (0.00153) | (0.00149) | (0.00227) | (0.00223) |
Hl_shortfd |
|
| −0.00625 |
|
|
|
| (0.00661) |
|
Hl_longfd |
|
|
| −0.0752 |
|
|
|
| (0.0653) |
Hl_lna |
|
| 0.000533 | 0.000450 |
|
|
| (0.00138) | (0.00140) |
Hl_gassets |
|
| 0.00106 | 0.000999 |
|
|
| (0.00112) | (0.00112) |
Hl_gsales |
|
| −0.00451** | −0.00450** |
|
|
| (0.00191) | (0.00189) |
Hl_roa |
|
| 0.0122 | 0.0130 |
|
|
| (0.0148) | (0.0147) |
Hl_lev |
|
| 0.00983 | 0.00998 |
|
|
| (0.00609) | (0.00609) |
Hl_current |
|
| 0.0513* | 0.0533* |
|
|
| (0.0283) | (0.0283) |
Hl_rt |
|
| 0.000564 | 0.000642 |
|
|
| (0.00156) | (0.00157) |
Hl_it |
|
| −0.0109 | −0.0110 |
|
|
| (0.0122) | (0.0122) |
Hl_sum10 |
|
| −0.000114 | −0.000157 |
|
|
| (0.00306) | (0.00299) |
Year fixed effect | controlled | controlled | controlled | controlled |
Industry fixed effect | controlled | controlled | - | - |
Constant | 0.0319*** | 0.0320*** | 0.0315*** | 0.0316*** |