| 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 |