Perks1

Perks2

High equity balance

Low equity balance

Full sample

High equity balance

Low equity balance

Full sample

_cons

0.7463***

(10.92)

0.9683**

(2.49)

0.8889***

(5.33)

0.1621***

(3.13)

0.1646***

(8.10)

0.1611***

(6.49)

Loan

−0.0844**

(−2.40)

−0.0258

(−1.52)

−0.1801*

(−1.95)

−0.0277***

(−2.71)

−0.0125**

(−2.34)

−0.0187***

(−3.87)

Balance

0.0208***

(4.06)

0.0067***

(7.55)

Loan*Balance

−0.1266***

(−3.45)

−0.0202*

(−1.94)

Size

−0.0286***

(−11.70)

−0.0417**

(−2.00)

−0.0325***

(−4.29)

−0.0074***

(−2.88)

−0.0045***

(−7.71)

−0.0058***

(−4.39)

Debt

0.0427***

(2.68)

0.2442

(1.14)

0.0859**

(2.06)

0.0038

(0.32)

−0.0069

(−1.60)

−0.0019

(−0.30)

Roe

−0.0061

(−1.60)

−0.0625

(−1.17)

−0.0152

(−1.57)

−0.0000

(−0.15)

−0.0006

(−0.37)

−0.0001

(−0.47)

Growth

−0.0001

(−0.89)

−0.0000

(−0.67)

−0.0001

(−1.03)

−0.0002

(−1.25)

0.0008

(0.49)

−0.0001

(−0.87)

Cash

−0.2546***

(−3.06)

−0.2106**

(−2.33)

−0.2519***

(−3.15)

−0.0770

(−1.62)

−0.0324***

(−2.97)

−0.0513**

(−2.27)

CEOsh

−0.1077***

(−5.77)

−0.0462***

(−2.86)

−0.0721***

(−3.85)

−0.0084

(−1.28)

0.0013

(0.61)

−0.0005

(−0.14)

Year Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Industry Fixed Effect

Yes

Yes

Yes

Yes

Yes

Yes

Chow test

347.21

64.36

p

0.000

0.000

F

838.44

16.21

467.43

24.55

20.37

44.71

Prob > F

0.000

0.000

0.000

0.000

0.000

0.000

R²

0.0617

0.0198

0.0182

0.0182

0.0905

0.0211

Obs

9397

9397

18794

6532

6532

13064