| (1) | (2) |
VARIABLES | GI_A | GI_D |
Tone2 | 0.035*** | 0.863** |
(4.17) | (2.34) | |
SIZE | 0.000 | 0.035*** |
(1.64) | (11.51) | |
LEV | −0.005*** | −0.098*** |
(−9.85) | (−4.40) | |
GROWTH | −0.000*** | −0.003* |
(−5.36) | (−1.70) | |
ROA | −0.035*** | −1.090*** |
(−21.69) | (−15.09) | |
IDR | 0.001 | −0.008 |
(0.96) | (−0.18) | |
DAceo | 0.001*** | 0.015** |
(3.92) | (2.17) | |
LOSS | 0.014*** | 0.154*** |
(35.63) | (8.71) | |
Constant | −0.001 | −0.707*** |
(−0.60) | (−9.42) | |
Observations | 13,296 | 13,296 |
R-squared | 0.271 | 0.105 |
ind FE | YES | YES |
Year FE | YES | YES |