| Variables | (1) | (2) |
| Lev | Zscore | |
| Fin | −0.532*** | 6.736*** |
|
| (−8.355) | (8.144) |
| Fin2 | 0.519*** | −9.965*** |
|
| (4.172) | (−6.334) |
| Lev |
| −3.673*** |
|
|
| (−9.128) |
| Cons | −1.439*** | 8.041*** |
|
| (−12.064) | (5.013) |
| N | 1101 | 1101 |
| Year | Yes | Yes |
| Controls | Yes | Yes |
| Adj-R2 | 0.602 | 0.463 |