Independent variable

CASH1

CASH2

Result 1

Result 2

Result 3

Result 4

Result 5

Result 6

CONSTANT

1.094***

(26.89)

1.122***

(27.87)

1.114***

(28.26)

2.071***

(25.38)

2.134***

(26.41)

2.118***

(26.77)

BSIZE

0.003***

(2.83)

0.006***

(3.07)

IND

−0.001

(−0.02)

−0.002

(−0.05)

DUAL

0.014***

(4.83)

0.025***

(4.45)

LNSIZE

−0.027***

(−15.92)

−0.027***

(−16.06)

−0.027***

(−15.97)

−0.056***

(−16.28)

−0.056***

(−16.42)

−0.056***

(−16.34)

DMS

−0.111***

(−14.36)

−0.111***

(−14.35)

−0.111***

(−14.35)

−0.200***

(−12.90)

−0.200***

(−12.89)

−0.200***

(−12.88)

LEV

−0.495***

(−43.06)

−0.495***

(−43.01)

−0.493***

(−42.97)

−0.910***

(−39.45)

−0.909***

(−39.40)

−0.907***

(−39.34)

BANKDEBT

−0.079***

(−12.34)

−0.080***

(−12.43)

−0.080***

(−12.49)

−0.161***

(−12.48)

−0.162***

(−12.58)

−0.163***

(−12.63)

NWC

−0.381***

(−38.15)

−0.382***

(−38.20)

−0.380***

(−38.14)

−0.741***

(−36.96)

−0.742***

(−37.01)

−0.740***

(−36.96)

DIV

0.009***

(4.11)

0.010***

(4.22)

0.009***

(4.02)

0.012***

(2.67)

0.013***

(2.79)

0.012***

(2.61)

MB

−0.005***

(−7.18)

−0.005***

(−7.24)

−0.005***

(−7.32)

−0.012***

(−8.77)

−0.013***

(−8.83)

−0.012***

(−8.90)

STATE

−0.004***

(−0.76)

−0.003**

(−0.66)

−0.003**

(−0.56)

−0.004**

(−0.36)

−0.003**

(−0.26)

−0.002**

(−0.17)

Adjusted R²

0.175

0.175

0.176

0.169

0.170

0.170

F-value

382.26

380.98

384.70

342.50

341.05

344.10

Prob. > F

0.000

0.000

0.000

0.000

0.000

0.000

N

10,433

10,433

10,433

10,433

10,433

10,433