|
| (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 |