(0.959)

(0.985)

(0.277)

(0.449)

SIZE

0.292

0.037

−1.015

−1.369

(0.264)

(0.035)

(−0.988)

(−1.270)

LEV

−3.284

−3.576

−7.360*

−7.272*

(−0.723)

(−0.784)

(−1.800)

(−1.716)

ROA

4.731

4.648

−2.269

−2.695

(1.382)

(1.355)

(−0.923)

(−1.153)

CFO

−1.627

−1.505

−1.111

−1.574

(−0.966)

(−0.873)

(−0.921)

(−1.115)

INVTA

2.282

2.421

0.317

1.060

(1.539)

(1.626)

(0.171)

(0.509)

RECTA

0.715***

0.705***

0.320

0.313*

(3.460)

(3.472)

(1.617)

(1.698)

GRTH

0.112

0.079

−0.916**

−0.760*

(0.304)

(0.211)

(−2.179)

(−1.788)

ICBIG10

0.551

0.484

−0.263

−0.571

(1.340)

(1.174)

(−0.702)

(−1.417)

_cons

30.626***

26.737***

45.299***

31.593***

(4.236)

(4.783)

(4.791)

(4.809)

Industry & Year

Control

Control

N

1711

1385

Pseudo R2

0.220

0.218

0.335

0.353

Wald chi2

142.671

146.564

123.075

120.404