低负债

高负债

高负债–低负债(seemingly unrelated test)

$Z{F}_{i,t}$

−0.248

−0.952***

0.704**

(−0.91)

(−3.7)

(3.54)

Const

−2.670***

−2.425***

(−25.5)

(−23.24)

Control variable

Yes

Yes

Year/region/Industry/cluster

Yes

Yes

P value

0.00

0.00

N

2061

2061

adj. R²

0.094

0.124