(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***