变量

(1)

(2)

(3)

(4)

LEVM

LEVM

LEVM

LEVM

Lev

0.252^***

0.238^***

0.289^***

0.275^***

−11.53

−8.65

−12.39

−9.55

Lev × POST

−0.066^***

−0.057^*

−0.068^***

−0.057^*

(−5.50)

(−1.93)

(−5.61)

(−1.94)

Growth

−0.024^***

−0.021^***

−0.026^***

−0.024^***

(−3.48)

(−3.12)

(−3.82)

(−3.49)

size

−0.032^***

−0.031^***

−0.029^***

−0.029^***

(−13.20)

(−13.07)

(−12.08)

(−11.92)

Ato

−0.075^***

−0.074^***

−0.079^***

−0.078^***

(−9.49)

(−9.38)

(−9.49)

(−9.39)

Ldebt

0.058^***

0.058^***

0.043^**

0.045^**

−3.5

−3.55

−2.46

−2.53

Inv

−0.104^***

−0.102^***

−0.134^***

−0.132^***

(−4.70)

(−4.62)

(−4.74)

(−4.66)

Ndts

0.778^***

0.750^***

0.261

0.235

−3.92

−3.77

−1.18

−1.06

Constant

0.833^***

0.826^***

0.815^***

0.805^***

−17.27

−16.97

−14.34

−14.19

ind

NO

NO

YES

YES

year

NO

YES

NO

YES

N

11,193

11,193

11,193

11,193

R²

0.048

0.05

0.057

0.06