(1)

(2)

(3)

(4)

Debt

Maturity

Debt

Maturity

Dsoe

0.021***

0.035***

(10.83)

(10.48)

Soeshare

0.028***

0.047***

(11.20)

(11.02)

Size

0.013***

0.022***

0.013***

0.022***

(22.99)

(22.66)

(22.96)

(22.62)

Lev

0.167***

0.117***

0.167***

0.117***

(38.92)

(15.66)

(39.07)

(15.76)

ROA

−0.020*

−0.049**

−0.019

−0.047**

(−1.66)

(−2.35)

(−1.55)

(−2.25)

Growth

0.007***

0.011***

0.007***

0.011***

(4.18)

(4.12)

(4.12)

(4.06)

FirmAge

0.005**

0.010**

0.006***

0.012***

(2.36)

(2.56)

(2.79)

(3.04)

_cons

−0.327***

−0.470***

−0.330***

−0.475***

(−27.54)

(−22.82)

(−27.70)

(−23.01)

Year FE

Yes

Yes

Yes

Yes

Industry FE

Yes

Yes

Yes

Yes

N

16,889

16,889

16,889

16,889

R²

0.202

0.091

0.202

0.092