| Variables | Model 1 | Model 2 |
| Coef. (Robust Std. Err.) | Coef. (Robust Std. Err.) | |
| Dependent Variable: Total Debt (TD) |
|
|
| Constant | 1.1888 | 2.1003 |
|
| (0.0789) | (0.5101) |
| Independent Variable |
|
|
| COVID-19 Crisis Dummy (dcrisis) | 0.0360 | − |
|
| (0.0580) | − |
| Control Variables |
|
|
| PROF | −0.0775** | −0.0491 |
|
| (0.0329) | (0.0583) |
| CR | −0.0015 | −0.0019* |
|
| (0.0013) | (0.0011) |
| Interaction terms |
|
|
| PROF * dcrisis | − | −0.2999 |
|
| − | (0.2907) |
| FSS*dcrisis | − | −0.0435 |
|
| − | (0.0277) |
| CR*dcrisis | − | 0.0055 |
|
| − | (0.0036) |
| No. of Observation | 72 | 72 |
| No. of Groups | 12 | 12 |
| R-square | 0.7981 | 0.8525 |
| Adjusted R-square | 0.7346 | 0.7673 |
| F Statistic | 506.63*** | 15.28*** |