Variable

Book Leverage_TOT

Book Leverage_EXT

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

Log (Sales)

−0.03 (−2.95)

−0.00 (−0.45)

−0.03 (−3.24)

−0.01 (−0.63)

Tangibility

0.03 (0.35)

−0.05 (−0.59)

0.01 (0.11)

−0.05 (−0.64)

Intangibility

0.13 (1.29)

0.30 (2.83)

−0.00 (−0.01)

0.19 (1.75)

Profitability

−0.46 (−2.62)

−0.41 (−2.42)

Cash Flow

−1.03 (−4.06)

−1.03 (−5.61)

−0.99 (−4.02)

−0.93 (−5.46)

Mngmt Owner

−0.00 (−0.62)

−0.00 (−0.27)

−0.00 (−0.50)

−0.00 (−0.29)

Treasury Stock

−0.02 (−3.16)

−0.02 (−4.16)

−0.02 (−3.05)

−0.02 (−3.93)

D_FOREIGN-OWN

−0.32 (−10.48)

−0.25 (−9.41)

−0.34 (−11.40)

−0.29 (−10.52)

Mgmt Age

−0.00 (−3.67)

−0.00 (−2.77)

−0.00 (−3.35)

−0.00 (−2.60)

D_{STAND ALONE}

0.11 (3.03)

0.07 (2.42)

0.11 (3.15)

0.08 (2.61)

D_HOLDING

0.12 (3.80)

0.08 (3.11)

0.12 (3.76)

0.08 (3.12)

D_SHAREHOLDER

−0.07 (−3.10)

−0.05 (−2.47)

−0.09 (−3.73)

−0.06 (−3.04)

Trade Debt_EXT

−0.13 (−2.08)

−0.23 (−4.82)

−0.11 (−1.81)

−0.21 (−4.39)

Trade Credit_EXT

0.02 (0.37)

0.12 (2.07)

0.05 (0.97)

0.14 (2.48)

Trade Debt_INT

−0.71 (−10.83)

−0.53 (−8.90)

−0.71 (−10.86)

−0.49 (−8.57)

Trade Credit_INT

−0.17 (−1.73)

−0.26 (−3.30)

−0.14 (−1.38)

−0.24 (3.15)

Inventory

0.29 (4.02)

0.17 (2.50)

0.33 (4.47)

0.18 (2.63)

Liquidity

−1.23 (−14.67)

−1.05 (−10.33)

−1.15 (−13.63)

−1.02 (−10.19)

Asset Turnover

0.01 (1.17)

0.01 (1.12)

0.01 (1.28)

0.01 (0.96)

Market Share

−2.56 (−4.19)

−1.16 (−2.02)

−2.65 (−4.26)

−1.14 (−1.95)

Industry Dummies

yes

yes

yes

yes

yes

yes

yes

yes

N

8070

8051

6688

6545

8070

8051

6688

6545

R²

0.23

0.30

0.34

0.53

0.22

0.34

0.34

0.55