| Variable | (1) | (2) | (3) | (4) | 
| 
 | Debt | Debt | Debt | Debt | 
| Revalue | 0.927*** | 0.506*** | 0.623*** | 3.342*** | 
| 
 | (4.20) | (4.07) | (3.04) | (4.83) | 
| Roa | 0.964 | 1.028 | 1.330 | 0.435 | 
| 
 | (0.59) | (0.63) | (0.82) | (0.27) | 
| Tobinq | −0.182** | −0.175** | −0.180** | −0.194** | 
| 
 | (−2.11) | (−2.03) | (−2.05) | (−2.22) | 
| Size | 0.551** | 0.544** | 0.522** | 0.555** | 
| 
 | (2.11) | (2.07) | (1.97) | (2.13) | 
| GYG | 1.016* | 1.037* | 1.015* | 0.946* | 
| 
 | (1.91) | (1.95) | (1.86) | (1.80) | 
| First | 3.130*** | 3.169*** | 3.101*** | 2.829*** | 
| 
 | (2.84) | (2.87) | (2.80) | (2.64) | 
| Age | −0.189*** | −0.178*** | −0.138** | −0.225*** | 
| 
 | (−3.32) | (−3.17) | (−2.46) | (−3.88) | 
| _cons | −8.448 | −8.422 | −8.279 | −8.152 | 
| 
 | (−1.63) | (−1.62) | (−1.58) | (−1.58) | 
| Firm | Yes | Yes | Yes | Yes | 
| Year | Yes | Yes | Yes | Yes | 
| N | 5004 | 5004 | 5004 | 5004 | 
| r2 | 0.0663 | 0.0647 | 0.0521 | 0.0780 |