| BTD | DDBTD | |
| IP1 | −0.002** | 0.000 |
| (−2.48) | (0.25) | |
| SIZE | −0.003*** | 0.002*** |
| (−12.53) | (4.17) | |
| MTB | −0.002*** | −0.001*** |
| (−16.67) | (−3.78) | |
| LEV | 0.026*** | 0.006* |
| (16.17) | (1.71) | |
| ROA | 0.576*** | 0.084*** |
| (73.16) | (7.16) | |
| PPE | 0.010*** | 0.129*** |
| (7.21) | (41.93) | |
| INTANG | −0.001 | 0.088*** |
| (−0.28) | (12.31) | |
| LOSS | 0.004*** | 0.007*** |
| (3.58) | (3.21) | |
| Constant | 0.058*** | −0.066*** |
| (9.82) | (−5.36) | |
| Industry | Control | Control |
| Year | Control | Control |
| Obs | 23027 | 23027 |
| Adj.R2 | 0.558 | 0.164 |