| BTD | DDBTD | |
| IP | −0.003* | −0.004** |
| (−1.90) | (−2.16) | |
| SIZE | −0.000 | −0.000 |
| (−0.62) | (−0.48) | |
| MTB | 0.011*** | 0.012*** |
| (8.72) | (8.94) | |
| LEV | 0.007* | 0.006 |
| (1.69) | (1.38) | |
| ROA | 0.581*** | 0.552*** |
| (32.39) | (28.90) | |
| PPE | 0.013*** | 0.019*** |
| (2.97) | (4.56) | |
| INTANG | −0.011 | −0.003 |
| (−1.07) | (−0.30) | |
| LOSS | 0.006** | 0.005* |
| (2.10) | (1.67) | |
| Industry | Control | Control |
| Year | Control | Control |
| Constant | −0.026* | −0.028* |
| (−1.81) | (−1.96) | |
| Obs | 5220 | 5220 |
| Adj.R2 | 0.484 | 0.465 |