Variables

LnSub

Subrate

ETR

LnLoan

(1)

(2)

(3)

(4)

XXZSGX

0.0154**

0.0016***

−0.0003***

0.0005

(0.070)

(0.0003)

(0.0001)

(0.0035)

Asset

1.1623***

−0.0276***

0.0046***

1.9075***

(0.1389)

(0.0070)

(0.0013)

(0.0727)

Lev

0.4078

−0.0145

0.0569***

16.5634***

(0.9325)

(0.0464)

(0.0108)

(0.5359)

Roa

4.0697*

0.3645***

−0.8055***

−7.1044***

(2.1190)

(0.1098)

(0.0381)

(1.1806)

Indep

−2.0751

−0.0775

0.0233

2.3417*

(2.7794)

(0.1437)

(0.0246)

(1.3928)

Growth

0.3690

0.0322

−0.0127***

0.5505***

(0.4076)

(0.0496)

(0.0031)

(0.1931)

PPE

0.5572

−0.0124

−0.0104

6.5824***

(1.0414)

(1.0414)

(0.0098)

(0.4856)

First

−0.0203*

−0.0008

0.0002**

−0.0477***

(0.0108)

(0.0006)

(0.0001)

(0.0055)

_cons

−18.4725***

0.6072***

0.1273***

−34.3012***

(3.1816)

(0.1592)

(0.0294)

(1.6253)

Year

Control

Control

Control

Control

Ind

Control

Control

Control

Control

N

9676

9677

8164

9676

Pseudo R²

0.047

0.140

0.136

0.065