Model 1

Model 2

Model 3a

Model 3b

Model 3c

Sub

0.2159***

(0.0490)

0.0865

(0.0557)

0.1101**

(0.0511)

0.0631

(0.0521)

IF

0.0248***

(0.0043)

0.0245***

(0.0043)

0.0121**

(0.0050)

0.0237***

(0.0043)

0.0236***

(0.0042)

Debt

0.0223***

(0.0029)

0.0218***

(0.0029)

0.0215***

(0.0029)

0.0093***

(0.0034)

0.0207***

(0.0029)

Equity

0.0099***

(0.0011)

0.0092***

(0.0011)

0.0088***

(0.0011)

0.0084***

(0.0011)

0.0032**

(0.0013)

Size

−0.2398***

(0.0766)

−0.2021***

(0.0765)

−0.2101***

(0.0765)

−0.1756**

(0.0762)

−0.1692**

(0.0760)

Age

0.0113

(0.0186)

0.0112

(0.0184)

0.0110

(0.0184)

0.0116

(0.0184)

0.0125

(0.0184)

Con

−0.0117***

(0.0040)

−0.0118***

(0.0040)

−0.0118***

(0.0040)

−0.0110***

(0.0040)

−0.0118***

(0.0040)

Roe

0.0193***

(0.0040)

0.0166***

(0.0040)

0.0150***

(0.0040)

0.0162***

(0.0040)

0.0160***

(0.0039)

Lev

0.0006

(0.0031)

0.00002

(0.0031)

−0.0008

(0.0031)

−0.0005

(0.0031)

−0.0015

(0.0031)

Sub*IF

0.0152***

(0.0031)

Sub*Debt

0.0151***

(0.0022)

Sub*Equity

0.0052***

(0.0006)

cons

6.6183***

(2.0603)

5.7405***

(2.0562)

6.0936***

(2.0545)

5.1437***

(2.0438)

5.1374**

(2.0382)

Year

yes

yes

yes

yes

yes

Ind

yes

yes

yes

yes

yes

N

3570

3570

3570

3570

3570

Wald chi2

824.29

848.06

876.74

904.58

927.09

Prob > chi2

0.0000

0.0000

0.0000

0.0000

0.0000