Variable

Book Leverage_TOT

Book Leverage_EXT

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Log (Sales)

0.01 (1.21)

0.01 (1.15)

0.01 (1.16)

0.01 (1.30)

Tangibility

−0.05 (−1.47)

0.21 (4.29)

−0.05 (−1.45)

0.21 (4.33)

Intangibility

−0.06 (−0.91)

0.25 (3.16)

−0.08 (−1.28)

0.22 (2.78)

Profitability

−0.02 (−0.19)

−0.02 (−0.18)

Cash Flow

−0.69 (−4.67)

−0.70 (−7.48)

−0.68 (−4.56)

−0.68 (−7.19)

Mngmt Owner

−0.00 (−0.63)

0.00 (0.03)

−0.00 (−0.65)

−0.00 (−0.13)

Treasury Stock

−0.00 (−1.78)

−0.01 (−1.91)

−0.00 (−1.70)

−0.00 (−1.82)

D_FOREIGN-OWN

−0.03 (−1.64)

−0.05 (−2.68)

−0.04 (−2.08)

−0.05 (−3.05)

Mgmt Age

0.00 (0.54)

0.00 (0.06)

0.00 (0.45)

0.00 (0.05)

D_{STAND ALONE}

0.01 (1.31)

0.01 (1.05)

0.01 (1.29)

0.01 (1.04)

D_HOLDING

−0.00 (−0.16)

−0.00 (−0.03)

−0.00 (−0.00)

0.00 (0.09)

D_SHAREHOLDER

0.00 (0.09)

0.00 (0.14)

−0.00 (−0.14)

−0.00 (−0.01)

Trade Debt_EXT

−0.06 (−2.35)

−0.08 (−3.19)

−0.06 (−2.24)

−0.08 (−3.06)

Trade Credit_EXT

0.13 (4.64)

0.28 (5.75)

0.14 (4.74)

0.28 (5.86)

Trade Debt_INT

−0.11 (−2.13)

−0.13 (−2.58)

−0.12 (−2.27)

−0.13 (−2.59)

Trade Credit_INT

0.06 (1.29)

0.22 (3.51)

0.07 (1.28)

0.21 (3.24)

Inventory

0.12 (3.96)

0.26 (5.42)

0.13 (4.07)

0.26 (5.45)

Liquidity

−0.17 (−2.12)

0.04 (0.44)

−0.15 (−1.95)

0.04 (0.48)

Asset Turnover

−0.00 (−0.11)

0.00 (0.04)

−0.00 (−0.20)

−0.00 (−0.15)

Market Share

0.42 (1.19)

0.59 (2.19)

0.39 (1.16)

0.58 (2.27)

Industry Dummies

yes

yes

yes

yes

yes

yes

yes

yes

N

3948

3905

3204

3159

3948

3905

3204

3159

R²

0.14

0.08

0.13

0.22

0.14

0.09

0.13

0.21