Baseline regressions
| Variable | (1) CoD | (2) CoD | (3) CoD |
|---|---|---|---|
| IPO | −0.0015** (−2.1930) | −0.0025** (−2.3752) | −0.0042*** (−4.5624) |
| Leverage | 0.0005 (0.2335) | −0.0024*** (−3.0040) | |
| Size | −0.0010** (−2.4264) | −0.0031*** (−4.0235) | |
| Age | 0.0016** (2.3462) | 0.0013 (0.8303) | |
| Current ratio | 0.0007** (2.5257) | 0.0009*** (3.3687) | |
| ROA | −0.0240*** (−3.0348) | −0.0013 (−0.2033) | |
| Fixed assets | 0.0327*** (12.7519) | 0.0171*** (4.0040) | |
| SOE | −0.0041*** (−3.3386) | −0.0001 (−0.0231) | |
| Constant | 0.0291*** (50.8618) | 0.0393*** (4.6515) | 0.0760*** (4.9565) |
| Year FE | No | No | Yes |
| Firm FE | No | No | Yes |
| N | 5770 | 5770 | 5770 |
| Adjusted R2 | 0.0017 | 0.0836 | 0.1187 |
| Variable | (1) CoD | (2) CoD | (3) CoD |
|---|---|---|---|
| −0.0015 | −0.0025 | −0.0042 | |
| Leverage | 0.0005 (0.2335) | −0.0024 | |
| Size | −0.0010 | −0.0031 | |
| Age | 0.0016 | 0.0013 (0.8303) | |
| Current ratio | 0.0007 | 0.0009 | |
| −0.0240 | −0.0013 (−0.2033) | ||
| Fixed assets | 0.0327 | 0.0171 | |
| −0.0041 | −0.0001 (−0.0231) | ||
| Constant | 0.0291 | 0.0393 | 0.0760 |
| Year | No | No | Yes |
| Firm | No | No | Yes |
| 5770 | 5770 | 5770 | |
| Adjusted | 0.0017 | 0.0836 | 0.1187 |
Note(s): This table reports the regression results of three ordinary least squares (OLS) models of the cost of debt. The variable definitions are provided in AppendixTable A1. Continuous variables are winsorized at the 1st and 99th percentiles. Standard errors are clustered at the firm level and associated t-statistics are reported in parentheses. *** and ** represent significance at the 1 and 5% levels, respectively
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