(1)

(2)

(3)

Full Sample

Year 2000-2006

Year 2007-2011

Firm Size (Size)

0.029***

0.023***

0.032***

(0.00)

(0.00)

(0.00)

Profitability (Prof)

0.031**

0.031*

−0.027

(0.01)

(0.06)

(0.15)

Growth Opportunity (Growth)

0.196***

0.199***

0.173***

(0.00)

(0.00)

(0.00)

Tangibility (Tang)

0.087***

0.062***

0.144***

(0.00)

(0.00)

(0.00)

Non-Debt Tax Shields (NOT)

−0.729***

−0.674***

−0.630***

(0.00)

(0.00)

(0.00)

Ownership

0.015***

−0.000

0.017***

(0.00)

(0.99)

(0.01)

Cons

−0.672***

−0.538***

−0.758***

(0.00)

(0.00)

(0.00)

F-test

0.00

0.00

0.00

r2

0.21

0.15

0.25

N

12132

7030

5102