Lagged foreign divestment and insolvency risk
| Distance to default | Credit default swap spread | |||||
|---|---|---|---|---|---|---|
| DD | DD | DD | CDS | CDS | CDS | |
| Variable | model (1) | model (2) | model (3) | model (4) | model (5) | model (6) |
| FD | −0.053*** (−3.273) | −0.056*** (−3.434) | −0.040** (−2.485) | 0.019*** (2.975) | 0.020*** (3.131) | 0.016** (2.151) |
| Size | 0.063 (1.292) | 0.015 (0.278) | −0.445* (−1.890) | 0.022 (1.362) | 0.030* (1.747) | 0.174** (2.198) |
| ROA | 0.048*** (2.661) | 0.046*** (2.594) | 0.014 (1.064) | −0.013** (−2.501) | −0.013** (−2.438) | −0.001 (−0.191) |
| Leverage | −6.335*** (−7.554) | −6.958*** (−8.413) | −4.317*** (−5.044) | 1.893*** (6.952) | 2.068*** (8.013) | 1.123*** (3.563) |
| Liquidity | −1.809** (−2.466) | −1.926 (−1.419) | 0.745*** (3.398) | 0.408 (0.956) | ||
| Langibility | −2.295*** (−3.418) | −2.182* (−1.674) | 0.782*** (3.906) | 0.822* (1.697) | ||
| Int_experience | 0.004 (1.228) | 0.003 (0.860) | −0.001 (−0.733) | −0.001 (−0.446) | ||
| Constant | 4.276*** (4.259) | 6.570*** (5.926) | 7.755** (2.249) | 2.075*** (6.560) | 1.349*** (3.992) | −0.722 (−0.647) |
| Observations | 656 | 625 | 625 | 666 | 634 | 634 |
| R-squared | 0.468 | 0.501 | 0.730 | 0.313 | 0.353 | 0.608 |
| Compno | 114 | 103 | 103 | 118 | 106 | 106 |
| Year FE | YES | YES | YES | YES | YES | YES |
| Firm FE | NO | NO | YES | NO | NO | YES |
| Country FE | YES | YES | YES | YES | YES | YES |
| Distance to default | Credit default swap spread | |||||
|---|---|---|---|---|---|---|
| Variable | model (1) | model (2) | model (3) | model (4) | model (5) | model (6) |
| −0.053 | −0.056 | −0.040 | 0.019 | 0.020 | 0.016 | |
| Size | 0.063 (1.292) | 0.015 (0.278) | −0.445 | 0.022 (1.362) | 0.030 | 0.174 |
| 0.048 | 0.046 | 0.014 (1.064) | −0.013 | −0.013 | −0.001 (−0.191) | |
| Leverage | −6.335 | −6.958 | −4.317 | 1.893 | 2.068 | 1.123 |
| Liquidity | −1.809 | −1.926 (−1.419) | 0.745 | 0.408 (0.956) | ||
| Langibility | −2.295 | −2.182 | 0.782 | 0.822 | ||
| Int_experience | 0.004 (1.228) | 0.003 (0.860) | −0.001 (−0.733) | −0.001 (−0.446) | ||
| Constant | 4.276 | 6.570 | 7.755 | 2.075 | 1.349 | −0.722 (−0.647) |
| Observations | 656 | 625 | 625 | 666 | 634 | 634 |
| R-squared | 0.468 | 0.501 | 0.730 | 0.313 | 0.353 | 0.608 |
| Compno | 114 | 103 | 103 | 118 | 106 | 106 |
| Year | ||||||
| Firm | ||||||
| Country | ||||||
This table reports the estimates of Six alternative versions of the following panel regression specification:
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