Estimation results (dependent variable: leverage)
| Variable | Eqn (1) |
|---|---|
| ROA | −6.825* (4.01) |
| SIZE | 1.165*** (0.29) |
| SALES | −0.020 (0.16) |
| SALESt−1 | −0.286** (0.093) |
| ESI | −0.108** (0.046) |
| DIAGNOSTICS | |
| R2 | 6.13% |
| F-test | 7.52 (0.00) |
| Time dummies, F-test | 2.12 (0.018) |
| Variable | |
|---|---|
| ROA | −6.825* (4.01) |
| SIZE | 1.165*** (0.29) |
| SALES | −0.020 (0.16) |
| SALES | −0.286** (0.093) |
| ESI | −0.108** (0.046) |
| 6.13% | |
| 7.52 (0.00) | |
| Time dummies, | 2.12 (0.018) |
Note(s): value in brackets t-stat. (*) denotes significance at the 10% level and (**) denotes significance at the 5% level. The joint test of all dummies equal to 0 is rejected at the 5% significance level
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