Book Lev_EXT

Intra-Group Leverage

Tang

Intang

Liquidity

Profitability

Cash Flow

−0.81 (−20.31)

−0.03 (−2.43)

0.36 (18.98)

0.09 (7.35)

0.05 (4.49)

Log (Sales)

−0.01 (−1.25)

0.00 (1.88)

−0.00 (−0.32)

0.01 (7.26)

−0.00 (−2.12)

0.00 (1.93)

D_FOREIGN-OWN

−0.32 (−33.48)

0.03 (9.39)

−0.00 (−0.35)

−0.00 (−0.52)

−0.00 (−0.54)

0.02 (6.94)

D_{STAND ALONE}

0.09 (7.22)

−0.00 (−1.09)

0.03 (4.71)

−0.02 (−4.16)

0.01 (1.34)

−0.01 (−3.41)

D_HOLDING

0.08 (6.65)

−0.00 (−0.41)

0.03 (5.14)

−0.01 (−3.72)

0.00 (1.06)

−0.01 (−2.33)

D_SHAREHOLDER

−0.08 (−9.90)

0.01 (3.59)

0.00 (0.90)

0.00 (0.32)

−0.01 (−2.98)

−0.01 (−4.45)

Asset Turnover

−0.00 (−0.55)

−0.00 (−2.98)

−0.03 (−16.99)

−0.02 (−16.30)

0.01 (3.90)

0.02 (13.84)

Market Share

−1.74 (−8.96)

−0.05 (−0.75)

0.61 (6.43)

−0.16 (−2.71)

0.31 (5.12)

0.32 (5.22)

Management Age

−0.00 (−9.87)

−0.00 (−1.60)

0.00 (0.22)

−0.00 (−6.83)

0.00 (10.96)

0.00 (9.35)

Commercial Balance_INT

0.09 (4.53)

0.01 (1.54)

−0.07 (−7.21)

−0.05 (−7.94)

Commercial Balance_EXT

0.13 (9.71)

−0.00 (−0.98)

−0.09 (−14.06)

−0.06 (−14.35)

Industry Dummies

yes

yes

yes

yes

yes

yes

Observations

6545