(1)

(2)

(3)

(4)

VARIABLES

FIN₁

FIN₂

SFIN

LFIN

EPU

0.007^***

0.009^***

0.005^***

0.002^***

(0.001)

(0.001)

(0.001)

(0.000)

LEV

−0.255^***

−0.245^***

−0.245^***

−0.005

(0.014)

(0.015)

(0.013)

(0.004)

LNSIZE

−0.011^***

−0.019^***

−0.006^*

−0.005^***

(0.003)

(0.004)

(0.003)

(0.001)

CR

0.001^***

0.001^***

0.001^***

−0.000

(0.000)

(0.000)

(0.000)

(0.000)

ROA

0.144^***

0.130^***

0.159^***

−0.011^*

(0.021)

(0.023)

(0.021)

(0.006)

GROWTH

−0.003^*

−0.007^***

−0.003^*

−0.001

(0.002)

(0.002)

(0.002)

(0.001)

CFO

0.135^***

0.138^***

0.133^***

0.001

(0.014)

(0.014)

(0.013)

(0.004)

TOBIN

0.002^*

0.002

0.002^*

−0.000

(0.001)

(0.001)

(0.001)

(0.000)

GDP

−0.083^***

−0.062^**

−0.090^***

0.006

(0.024)

(0.026)

(0.024)

(0.006)

M2

0.044^**

0.028

0.047^**

−0.003

(0.019)

(0.020)

(0.019)

(0.005)

Constant

0.973^***

1.127^***

0.905^***

0.074^***

(0.092)

(0.099)

(0.088)

(0.027)

Obs

25888

25888

25888

25888

R-sq

0.132

0.130

0.131

0.045

Indus

YES

YES

YES

YES