Additional analysis – capital structure
| Variables | RNDTA | |
|---|---|---|
| (1) | (2) | |
| High leverage | Low leverage | |
| CEO_RU | 0.007* | −0.000 |
| (1.80) | (−0.43) | |
| AGE | −0.010 | −0.000 |
| (−0.92) | (−0.14) | |
| BIG4 | −0.001 | −0.001 |
| (−0.30) | (−0.90) | |
| FSIZE | 0.001 | 0.001** |
| (1.06) | (2.41) | |
| FAGE | 0.000 | 0.000 |
| (1.46) | (0.54) | |
| TANG | 0.015 | −0.001 |
| (1.62) | (−0.61) | |
| ROE | 0.010* | −0.000 |
| (1.97) | (−0.07) | |
| CASHEQ | −0.005 | 0.000 |
| (−0.31) | (0.08) | |
| SCORE | −0.000 | −0.000 |
| (−0.94) | (−0.73) | |
| GDP | 0.002 | 0.002 |
| (0.12) | (0.46) | |
| _cons | −0.016 | −0.038 |
| (−0.08) | (−0.66) | |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| r2 | 0.251 | 0.062 |
| r2_a | 0.068 | −0.017 |
| N | 113 | 298 |
| Variables | RNDTA | |
|---|---|---|
| (1) | (2) | |
| High leverage | Low leverage | |
| CEO_RU | 0.007* | −0.000 |
| (1.80) | (−0.43) | |
| AGE | −0.010 | −0.000 |
| (−0.92) | (−0.14) | |
| BIG4 | −0.001 | −0.001 |
| (−0.30) | (−0.90) | |
| FSIZE | 0.001 | 0.001** |
| (1.06) | (2.41) | |
| FAGE | 0.000 | 0.000 |
| (1.46) | (0.54) | |
| TANG | 0.015 | −0.001 |
| (1.62) | (−0.61) | |
| ROE | 0.010* | −0.000 |
| (1.97) | (−0.07) | |
| CASHEQ | −0.005 | 0.000 |
| (−0.31) | (0.08) | |
| SCORE | −0.000 | −0.000 |
| (−0.94) | (−0.73) | |
| GDP | 0.002 | 0.002 |
| (0.12) | (0.46) | |
| _cons | −0.016 | −0.038 |
| (−0.08) | (−0.66) | |
| Industry FE | Yes | Yes |
| Country FE | Yes | Yes |
| r2 | 0.251 | 0.062 |
| r2_a | 0.068 | −0.017 |
| 113 | 298 | |
Note(s): t-statistics are given in parentheses
*p < 0.1, **p < 0.05, ***p < 0.01
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