Roa

All

Use = 1

Use = 0

Pledge

−0.042***

−0.060***

−0.017

(−5.84)

(−6.33)

(−1.60)

Chi = 7.75***

P = 0.005

Size

0.108***

0.077***

0.148***

(11.56)

(6.16)

(10.43)

Lev

−0.318***

−0.296***

−0.327***

(−36.40)

(−24.10)

(−26.20)

Growth

0.089***

0.076***

0.096***

(16.19)

(9.92)

(12.25)

Soe

−0.014**

0.011

−0.037***

(−2.23)

(1.22)

(−4.12)

Age

−0.071***

−0.070***

−0.065***

(−8.92)

(−6.61)

(−5.29)

R & D

−0.067***

−0.060***

−0.072***

(−9.96)

(−6.43)

(−7.40)

Hold

0.066***

0.052***

0.089***

(9.12)

(5.24)

(8.29)

Constant

0.056

0.019

0.118

(0.96)

(0.23)

(1.42)

Industry

Yes

Yes

Yes

Year

Yes

Yes

Yes

Observations

19581

9971

9610

Adjusted-R2

0.143

0.128

0.167