BTD

DDBTD

IP

−0.002***

−0.002*

(−3.43)

(−1.87)

SIZE

−0.003***

0.002***

(−12.61)

(4.09)

MTB

−0.002***

−0.001***

(−16.64)

(−3.72)

LEV

0.026***

0.005

(16.14)

(1.64)

ROA

0.576***

0.084***

(73.19)

(7.18)

PPE

0.010***

0.129***

(7.18)

(41.92)

INTANG

−0.001

0.088***

(−0.16)

(12.36)

LOSS

0.004***

0.007***

(3.58)

(3.22)

Constant

0.060***

−0.063***

(9.97)

(−5.01)

Industry

Control

Control

Year

Control

Control

Obs

23027

23027

Adj.R2

0.558

0.164