Table IV. Initial regressions results... | Emerald Publishing

Table IV.

Initial regressions results

Variables	Dependent variable “maturity of corporate debt”
Variables	RE (1)	RE (2)	RE (3)	FE (1)	FE (2)	FE (3)
Leverage	0.003 (0.00)	0.004 (0.00)	0.003 (0.00)	0.004 (0.00)	0.004 (0.00)	0.004 (0.00)
Company size	0.001 (0.01)	0.001 (0.01)	0.000 (0.01)	−0.005 (0.01)	−0.005 (0.01)	−0.006 (0.01)
Growth opportunities	0.002 (0.00)	0.003 (0.00)	0.002 (0.00)	0.004 (0.00)	0.004 (0.00)	0.004 (0.00)
Profitability	0.023 (0.15)	0.022 (0.15)	0.033 (0.15)	−0.012 (0.08)	−0.009 (0.08)	0.000 (0.08)
Business risk	−0.023 (0.05)	−0.023 (0.05)	−0.024 (0.05)
Tangibility	0.054 (0.05)	0.041 (0.05)	0.059 (0.05)	0.013 (0.05)	0.004 (0.05)	0.020 (0.05)
Regulated industry	0.011 (0.04)	0.009 (0.04)	0.011 (0.04)
Ref. rate volatility	−0.007 (0.02)	0.006 (0.02)	−0.002 (0.02)	0.007 (0.02)	0.020 (0.02)	0.011 (0.02)
Inflation volatility	0.000 (0. 16)	−0.012 (0. 14)	0.037 (0. 15)	0.182 (0.19)	0.231 (0. 20)	0.212 (0. 20)
Institutional quality		0.179* (0.09)	0.079 (0.11)		0.156* (0.07)	0.084 (0.08)
Bank development	0.136* (0.06)		0.114 (0.07)	0.112** (0.04)		0.089 (0.05)
N° of observations	1,271	1,271	1,271	1,271	1,271	1,271

Variables	Dependent variable “maturity of corporate debt”
Variables	RE (1)	RE (2)	RE (3)	FE (1)	FE (2)	FE (3)
Leverage	0.003 (0.00)	0.004 (0.00)	0.003 (0.00)	0.004 (0.00)	0.004 (0.00)	0.004 (0.00)
Company size	0.001 (0.01)	0.001 (0.01)	0.000 (0.01)	−0.005 (0.01)	−0.005 (0.01)	−0.006 (0.01)
Growth opportunities	0.002 (0.00)	0.003 (0.00)	0.002 (0.00)	0.004 (0.00)	0.004 (0.00)	0.004 (0.00)
Profitability	0.023 (0.15)	0.022 (0.15)	0.033 (0.15)	−0.012 (0.08)	−0.009 (0.08)	0.000 (0.08)
Business risk	−0.023 (0.05)	−0.023 (0.05)	−0.024 (0.05)
Tangibility	0.054 (0.05)	0.041 (0.05)	0.059 (0.05)	0.013 (0.05)	0.004 (0.05)	0.020 (0.05)
Regulated industry	0.011 (0.04)	0.009 (0.04)	0.011 (0.04)
Ref. rate volatility	−0.007 (0.02)	0.006 (0.02)	−0.002 (0.02)	0.007 (0.02)	0.020 (0.02)	0.011 (0.02)
Inflation volatility	0.000 (0. 16)	−0.012 (0. 14)	0.037 (0. 15)	0.182 (0.19)	0.231 (0. 20)	0.212 (0. 20)
Institutional quality		0.179* (0.09)	0.079 (0.11)		0.156* (0.07)	0.084 (0.08)
Bank development	0.136* (0.06)		0.114 (0.07)	0.112** (0.04)		0.089 (0.05)
N° of observations	1,271	1,271	1,271	1,271	1,271	1,271

Notes:

Std. dev. between parentheses; for random effects estimations – (1), (2) and (3) – exists significance joint at 5%;

*

p < 0.05;

**

p < 0.01; *** p < 0.001

Source: Own elaboration