Table 9

Average marginal effects on P(CDC = high)

VariableAME on P(High)Substantive interpretation
CHC0.158***+1 SD in CHC → +15.8 p.p. increase in probability of High CDC maturity
CSC0.015 n.s+1 SD in CSC → +1.5 p.p. (absorbed by inter-IC integration)
CRC0.012 n.s+1 SD in CRC → +1.2 p.p. (absorbed by inter-IC integration)
Firm size0.038 n.s+1 size category → +3.8 p.p. (n.s. in main specification)

Note(s): AME computed at mean covariate values

Source(s): Authors’ own work

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