变量

(1)

(2)

(3)

(4)

LEVM

LEVM

LEVM

LEVM

Lev

0.358^***

0.350^***

0.386^***

0.378^***

−13.14

−10.16

−13.23

−10.49

Lev × POST

−0.079^***

−0.082^**

−0.079^***

−0.081^**

(−5.25)

(−2.25)

(−5.23)

(−2.23)

Growth

−0.031^***

−0.028^***

−0.032^***

−0.029^***

(−3.70)

(−3.41)

(−3.82)

(−3.54)

size

−0.039^***

−0.038^***

−0.036^***

−0.036^***

(−13.01)

(−12.90)

(−12.12)

(−11.98)

Ato

−0.072^***

−0.071^***

−0.082^***

−0.081^***

(−7.45)

(−7.33)

(−8.05)

(−7.95)

Ldebt

0.066^***

0.067^***

0.045^**

0.046^**

−3.27

−3.33

−2.07

−2.15

Inv

−0.144^***

−0.143^***

−0.165^***

−0.163^***

(−5.37)

(−5.30)

(−4.79)

(−4.73)

Ndts

0.764^***

0.737^***

0.273

0.248

−3.13

−3.01

−1.01

−0.91

Constant

0.972^***

0.962^***

0.959^***

0.946^***

−16.32

−16.05

−13.78

−13.64

ind

NO

NO

YES

YES

year

NO

YES

NO

YES

N

11,193

11,193

11,193

11,193

R²

0.046

0.048

0.052

0.054