VARIABLES | (1) | (2) |
DT | Debtchange | |
Size | 0.3023*** | 0.0043 |
(17.48) | (1.59) | |
L. Debtratio | 0.4993*** |
|
(4.20) |
| |
L. Frisk | 0.0014 |
|
(0.17) |
| |
L. Irisk | 0.0395 |
|
(0.42) |
| |
L. Crisk | −0.0005 |
|
(−0.11) |
| |
L. ROAVOL | 0.0052 |
|
(1.06) |
| |
L. NCFVOL | −0.7854*** |
|
(−4.18) |
| |
L. Z | 0.0046 |
|
(1.59) |
| |
L. MI | 0.0567 |
|
(1.44) |
| |
L. CETR | −0.1745*** |
|
(−3.75) |
| |
L. MB | −0.0841*** |
|
(−5.11) |
| |
DT |
| −0.0551*** |
| (−3.10) | |
PPE |
| −0.0531*** |
| (−3.32) | |
ROA |
| 0.1041* |
| (1.81) | |
Debtratio |
| 0.0281* |
| (1.75) | |
Quickratio |
| 0.0010 |
| (0.64) | |
Z |
| −0.0015*** |
| (−3.04) | |
SGA |
| −0.0896*** |
| (−4.34) | |
MB |
| 0.0191*** |
| (8.56) | |
Oversea |
| 0.0147 |
| (1.56) | |
Icindex |
| 0.0001*** |
| (4.02) | |
Ownership |
| −0.0166*** |
| (−3.49) | |
Age |
| −0.0015*** |
| (−3.60) | |
Divident |
| −0.0420** |
| (−2.52) | |
OCF |
| −0.0923*** |
| (−6.64) | |
λi |
| 0.0281*** |
| (2.69) | |
Industry | Controlled | Controlled |
Year | Controlled | Controlled |
Constant | −7.2365*** | −0.0573 |
(−16.86) | (−0.91) | |
Observations | 9581 | 9581 |