| 
 | (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 |