Independent variable

CASH1

CASH2

CONSTANT

1.122***

(28.47)

2.133***

(26.96)

ICDI

−0.017***

(−3.41)

−0.029**

(−2.94)

LNSIZE

−0.027***

(−15.56)

−0.055***

(−15.98)

DMS

−0.111***

(−14.35)

−0.200***

(−12.89)

LEV

−0.496***

(−43.11)

−0.911***

(−39.48)

BANKDEBT

−0.080***

(−12.46)

−0.163***

(−12.61)

NWC

−0.381***

(−38.20)

−0.741***

(−37.01)

DIV

0.010***

(4.28)

0.013***

(2.84)

MB

−0.005***

(−7.17)

−0.012***

(−8.77)

STATE

−0.004**

(−0.70)

−0.003**

(−0.29)

Adjusted R²

0.176

0.170

F-value

382.83

342.39

Prob. > F

0.000

0.000

N

10433

10433