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