Independent Variables

Fixed Effects

Robust Standard Error

LEV

−0.142**

0.0470

TANG

−0.199

0.171

LIQ

−0.0151

0.00724

SIZE

0.0130*

0.00564

GROW

0.000710*

0.000301

NDTS

0.933

1.364

ZSC

−0.000131

6.65e−05

Constant

0.123*

0.0505

Observations

70

Number of Cross-Sections

5

Number of Time-Periods

14

R-squared

0.262

Country FE

YES

Time FE

NO

F-test

0.0018

L.M. test

F.E

S.H. test

F.E