Variable

(1) 2010-2016

(2) 2017-2022

(3)

(4)

HS₁

0.5535***

(8.26)

0.1567*

(1.94)

0.5932*

(1.64)

11.3861***

(7.02)

Leverage

7.6845***

(6.25)

2.6154*

(1.96)

−4.2848***

(−6.16)

23.7121***

(39.20)

Size

−0.1842

(−1.27)

−0.2085

(−1.47)

−0.3155*

(−1.71)

−33.4165**

(−2.56)

Growth

−0.0468***

(31.16)

−0.0093***

(−3.37)

−.1932

(−1.00)

0.5053

(0.45)

Equity

−11.0172*

(−1.76)

−0.1031*

(−1.65)

1.7216***

(6.14)

−0.1208***

(−31.41)

Adjusted R²

0.5710

0.4393

0.1569

0.4797

Year FE

Y

Y

Y

Y

Firm FE

Y

Y

Y

Y