Variables

(1)

risk2

(2)

risk2

(3)

risk2

(4)

risk2

(5)

risk2

(6)

risk2

FT

1.126^***

(2.67)

1.325^**

(2.50)

1.278^**

(2.42)

1.590^***

(3.13)

1.406^***

(2.74)

1.423^***

(2.80)

FT²

−0.317^***

(−3.41)

−0.424^***

(−3.63)

−0.385^***

(−3.25)

−0.310^***

(−2.71)

−0.293^**

(−2.53)

−0.337^***

(−2.91)

Liquidity

0.050^***

(3.52)

0.047^***

(3.35)

0.013

(0.88)

0.007

(0.44)

0.013

(0.84)

Tat

0.661^*

(1.80)

0.828^**

(2.37)

0.889^**

(2.47)

0.741^**

(2.06)

Lnsize

−2.034^***

(−6.45)

−2.424^***

(−7.26)

−2.682^***

(−7.83)

Icr

−0.170^***

(−4.65)

−0.178^***

(−4.91)

Ltd

−1.865^***

(−2.83)

Constant

2.899^***

(6.66)

1.144

(1.32)

−0.471

(−0.38)

23.143^***

(5.92)

33.419^***

(7.10)

39.705^***

(7.70)

R-squared

0.030

0.073

0.082

0.190

0.236

0.255