|
| (1) | (2) | (3) | (4) |
| VARIABLES | RD | RD | RD | RD |
| FIN | 4.492*** | 4.489*** | 4.250*** | 4.423*** |
| (0.553) | (0.553) | (0.532) | (8.38) | |
| FIN2 | −12.94*** | −12.93*** | −11.25*** | −11.556*** |
| (1.439) | (1.439) | (1.386) | (−8.41) | |
| ROA |
| 0.0107 | 0.0409*** | 0.040*** |
|
| (0.0128) | (0.0124) | (3.24) | |
| LEV |
|
| 2.107*** | 1.879*** |
|
|
| (0.0807) | (22.82) | |
| TBQ |
|
|
| −0.155*** |
|
|
|
| (−11.95) | |
| Constant | 17.78*** | 17.78*** | 16.95*** | 17.352*** |
| (0.0194) | (0.0194) | (0.0370) | (346.68) | |
| Observations | 8526 | 8526 | 8526 | 8526 |
| R-squared | 0.009 | 0.010 | 0.083 | 0.10 |
| Ftest |
|
|
| 0 |
| r2_a |
|
|
| 0.0974 |
| F |
|
|
| 185.0 |