Variable

Book Leverage_TOT

Book Leverage_EXT

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Log (Sales)

0.00 (0.61)

0.00 (0.57)

−0.00 (−0.59)

0.01 (1.57)

Tangibility

0.05 (1.82)

0.00 (0.09)

0.01 (2.55)

0.00 (−0.12)

Intangibility

0.23 (3.25)

0.20 (2.47)

0.00 (0.20)

0.00 (0.86)

Profitability

−0.09 (−2.51)

−0.01 (−2.22)

−0.00 (−0.47)

Cash Flow

−0.12 (−2.34)

−0.20 (−3.42)

0.00 (0.49)

Mngmt Owner

0.00 (0.26)

0.00 (0.48)

0.00 (1.97)

−0.01 (−1.87)

Treasury Stock

−0.00 (−0.89)

−0.00 (−1.37)

0.00 (1.28)

0.00 (1.43)

D_FOREIGN-OWN

0.02 (1.01)

0.02 (0.92)

−0.00 (−0.70)

0.00 (0.92)

Mgmt Age

−0.00 (−2.41)

−0.00 (−1.37)

−0.00 (−0.39)

−0.00 (−1.81)

D_{STAND ALONE}

−0.01 (−0.54)

−0.01 (−0.79)

0.01 (1.11)

−0.00 (−1.17)

D_HOLDING

0.02 (1.34)

0.01 (0.71)

−0.00 (−0.37)

0.01 (1.42)

D_SHAREHOLDER

0.02 (2.21)

0.02 (1.60)

0.00 (0.87)

−0.00 (0.24)

Trade Debt_EXT

−0.04 (−1.78)

−0.06 (−2.54)

−0.00 (−0.26)

0.00 (1.22)

Trade Credit_EXT

−0.05 (−2.56)

−0.03 (−0.99)

−0.00 (−1.02)

−0.00 (−0.46)

Trade Debt_INT

−0.08 (−3.27)

−0.12 (−4.09)

−0.01 (−3.32)

0.00 (0.65)

Trade Credit_INT

−0.07 (−3.07)

−0.07 (−2.07)

−0.01 (−1.94)

−0.01 (−2.69)

Inventory

−0.03 (−0.79)

−0.00 (−0.05)

−0.00 (−0.37)

−0.01 (−2.33)

Liquidity

−0.19 (−5.64)

−0.11 (−2.66)

−0.01 (−2.35)

−0.00 (−0.72)

Asset Turnover

−0.00 (−0.41)

0.00 (0.16)

−0.00 (−1.93)

−0.02 (−3.14)

Market Share

−0.39 (−2.07)

−0.16 (−0.92)

0.00 (0.05)

−0.00 (−2.02)

Industry Dummies

yes

yes

yes

yes

yes

yes

yes

yes

N

4122

4146

3484

3384

4122

4146

3484

3384

R²

0.07

0.04

0.06

0.11

0.07

0.08

0.07

0.10