Short-term Debt Ratio

Long-term Debt Ratio

Total Debt Ratio

(1)

(2)

(3)

(4)

(5)

(6)

Overseas Edu.

−0.0265^***

0.0148^*

−0.0117^***

(−3.30)

(1.95)

(−3.34)

Overseas Work

−0.0355^***

0.0167^**

−0.0121^**

(−3.93)

(2.03)

(−2.09)

Gender

−0.0020

−0.0022

−0.0019

−0.0020

−0.0038

−0.0040

(−0.52)

(−0.56)

(−0.84)

(−0.89)

(−0.97)

(−1.02)

Age

0.0071

0.0065

−0.0051

−0.0058

0.0024

0.0012

(0.96)

(0.87)

(−1.23)

(−1.37)

(0.32)

(0.16)

Education

−0.0024^***

−0.0024^***

0.0009^**

0.0010^**

−0.0014^**

−0.0013^**

(−3.75)

(−3.73)

(2.18)

(2.44)

(−2.20)

(−2.03)

Tenure

−0.0067^***

−0.0067^***

−0.0022^**

−0.0022^**

−0.0090^***

−0.0090^***

(−4.16)

(−4.15)

(−2.33)

(−2.33)

(−5.35)

(−5.34)

Compensation

−0.0176^***

−0.0162^***

−0.0605^***

−0.0628^***

−0.0196^***

−0.0184^***

(−2.95)

(−2.74)

(−3.27)

(−3.39)

(−3.64)

(−3.43)

Firm Size

0.0286^***

0.0286^***

0.0223^***

0.0223^***

0.0513^***

0.0514^***

(25.91)

(25.94)

(32.70)

(32.79)

(44.21)

(44.29)

Firm Age

0.0404^***

0.0404^***

−0.0037^*

−0.0036^*

0.0371^***

0.0371^***

(11.97)

(11.94)

(−1.95)

(−1.91)

(10.63)

(10.63)

ROA

−0.7416^***

−0.7423^***

−0.1982^***

−0.1983^***

−0.9549^***

−0.9557^***

(−23.07)

(−23.11)

(−11.74)

(−11.75)

(−28.24)

(−28.28)

Sales Growth

0.0489^***

0.0489^***

0.0167^***

0.0168^***

0.0671^***

0.0671^***

(13.72)

(13.71)

(7.50)

(7.54)

(18.09)

(18.11)

Tangible Ratio

0.2082^***

0.2080^***

−0.1325^***

−0.1324^***

0.0763^***

0.0762^***

(35.54)

(35.51)

(−36.08)

(−36.09)

(13.27)

(13.26)

Ln (Z-Score)

−0.0070^***

−0.0070^***

−0.0003^***

−0.0003^***

−0.0072^***

−0.0072^***

(−55.48)

(−55.55)

(−7.16)

(−7.06)

(−52.50)

(−52.53)

Book to Market

0.0056

0.0056

0.0423^***

0.0423^***

0.0504^***

0.0503^***

(0.92)

(0.92)

(12.13)

(12.13)

(7.83)

(7.82)

EPS

0.0106^***

0.0107^***

0.0040^**

0.0039^**

0.0153^***

0.0154^***

(2.96)

(2.99)

(2.04)

(2.00)

(4.17)

(4.18)

SOE

0.0157^***

0.0158^***

0.0013

0.0011

0.0166^***

0.0165^***

(6.89)

(6.92)

(0.94)

(0.83)

(7.24)

(7.21)

Constant

−0.0961^***

−0.0937^***

−0.0062

−0.0042

−0.1063^***

−0.1019^***

(−3.13)

(−3.04)

(−0.35)

(−0.24)

(−3.34)

(−3.19)

Observation

20238

20238

20238

20238

20238

20238

Pseudo-R²

0.505

0.505

0.463

0.463

0.613

0.613

Year Effect

YES

YES

YES

YES

YES

YES

Industry Effect

YES

YES

YES

YES

YES

YES