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***