| All Resfee | All Resfee | All Resfee | Resfee > 0 | Resfee < 0 |
| (1) | (2) | (3) | (4) | (5) |
Resfee | 0.0719*** (13.41) | 0.0719*** (13.24) | 0.0719*** (13.42) | 0.0736*** (6.49) | 0.0384*** (2.83) |
Lev | 0.3053*** (16.41) |
| 0.3096*** (16.13) | 0.4061*** (11.72) | 0.2104*** (9.40) |
Roa | 0.1417*** (4.55) |
| 0.1470*** (4.69) | 0.2164*** (4.01) | 0.1007*** (2.76) |
Cashf | 0.0333 (0.67) |
| 0.0105 (0.21) | 0.0708 (0.76) | −0.0648 (−1.17) |
Big10 |
| 0.0211*** (2.83) | 0.173** (2.35) | 0.0185 (1.37) | 0.0157* (1.80) |
Inv |
| 0.0479* (1.66) | −0.0657** (−2.19) | −0.0645 (−1.20) | −0.0742** (−2.21) |
Sqsub |
| 0.0213*** (3.62) | 0.125*** (2.14) | 0.0185 (1.37) | 0.0062 (0.94) |
con | −0.0676*** (−3.11) | 0.0578** (2.54) | −0.0929*** (−3.77) | −0.1779*** (−4.15) | −0.0191 (−0.67) |
Ind | control | control | control | control | control |
Year | control | control | control | control | control |
f | 54.15*** | 44.54*** | 49.73*** | 28.33*** | 19.26*** |
adj | 0.1425 | 0.1198 | 0.1435 | 0.1759 | 0.1009 |
n | 9599 | 9599 | 9599 | 4228 | 5371 |