Two-stage least square (2SLS)
| First stage | (1) | (2) | (3) | |
|---|---|---|---|---|
| Variables | LDON | CA_HO | LEV | INVEFF |
| DON_HAT | 1.028*** (2.61) | −0.025** (−2.18) | 0.019 (1.54) | −0.010** (−2.11) |
| DUAL | 0.440 (1.60) | 0.021* (1.82) | −0.048*** (−3.75) | −0.005 (−1.08) |
| BIGN | −0.303* (−1.75) | −0.066*** (−7.96) | 0.036*** (3.90) | 0.002 (0.75) |
| BORS | 0.092*** (3.33) | −0.005*** (−3.39) | 0.004** (2.09) | 0.002*** (3.20) |
| DIVD | 0.283* (1.88) | −0.073*** (−9.12) | 0.003 (0.32) | 0.043*** (13.27) |
| MTB | −0.002*** (−3.51) | −0.000 (−1.42) | 0.000*** (8.48) | −0.000 (−0.38) |
| FEMALE | 0.099 (0.19) | −0.040 (−1.59) | 0.031 (1.14) | 0.009 (0.90) |
| BIND | 0.035 (0.11) | −0.054*** (−3.79) | 0.027* (1.71) | 0.008 (1.40) |
| AGE | 0.223*** (4.26) | 0.006* (1.72) | −0.012*** (−3.12) | 0.003** (2.10) |
| SIZE | 0.417*** (6.29) | 0.016*** (3.13) | 0.010* (1.74) | 0.006*** (3.00) |
| NDTS | 0.221 (0.44) | 0.214*** (4.55) | −0.194*** (−3.74) | 0.023 (1.24) |
| LIQIUD | −0.017** (−2.28) | 0.007*** (17.34) | −0.004*** (−8.19) | 0.000** (2.02) |
| RISK | −0.531 (−0.82) | 0.296*** (7.20) | −0.120*** (−2.65) | 0.032* (1.96) |
| CAFLR | 0.361 (0.71) | 0.184*** (6.61) | −0.104*** (−3.39) | −0.080*** (−7.11) |
| ROA | −2.340*** (−3.55) | −0.252*** (−5.71) | −0.036 (−0.75) | 0.044** (2.48) |
| Constant | −17.199*** (−4.84) | −0.041 (−0.40) | 0.013 (0.11) | −0.219*** (−5.29) |
| Observations | 3,404 | 3,404 | 3,404 | 3,404 |
| Adj-R2 | 0.072 | 0.351 | 0.230 | 0.230 |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| (1) | (2) | (3) | ||
|---|---|---|---|---|
| Variables | ||||
| 1.028 | −0.025 | 0.019 (1.54) | −0.010 | |
| 0.440 (1.60) | 0.021 | −0.048 | −0.005 (−1.08) | |
| −0.303 | −0.066 | 0.036 | 0.002 (0.75) | |
| 0.092 | −0.005 | 0.004 | 0.002 | |
| 0.283 | −0.073 | 0.003 (0.32) | 0.043 | |
| −0.002 | −0.000 (−1.42) | 0.000 | −0.000 (−0.38) | |
| 0.099 (0.19) | −0.040 (−1.59) | 0.031 (1.14) | 0.009 (0.90) | |
| 0.035 (0.11) | −0.054 | 0.027 | 0.008 (1.40) | |
| 0.223 | 0.006 | −0.012 | 0.003 | |
| 0.417 | 0.016 | 0.010 | 0.006 | |
| 0.221 (0.44) | 0.214 | −0.194 | 0.023 (1.24) | |
| −0.017 | 0.007 | −0.004 | 0.000 | |
| −0.531 (−0.82) | 0.296 | −0.120 | 0.032 | |
| 0.361 (0.71) | 0.184 | −0.104 | −0.080 | |
| −2.340 | −0.252 | −0.036 (−0.75) | 0.044 | |
| Constant | −17.199 | −0.041 (−0.40) | 0.013 (0.11) | −0.219 |
| 3,404 | 3,404 | 3,404 | 3,404 | |
| 0.072 | 0.351 | 0.230 | 0.230 | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes |
Please refer to Table 2 for operational definition. t-statistics in parentheses. ***p < 0.01; **p < 0.05; *p < 0.1