DEBT measures and institutional investors
| Dep. variable: DEBT | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Panel A: Debt and institutional investors | |||
| INST | 0.002 (–0.24) | 0.0017 (–0.19) | 0.013 (–1.28) |
| ASST | 0.699 (163)*** | 0.697 (162)*** | 0.697 (162)*** |
| EBITDA | 0.168 (38)*** | 0.169 (38)*** | 0.17 (38)*** |
| TANG | 0.012 (4.3)*** | 0.012 (3.99)*** | 0.012 (3.9)*** |
| INTANG | 0.011 (5.7)*** | 0.011 (5.5)*** | 0.011 (5.6)*** |
| DUMREGION | NO | YES | YES |
| DUMSECTOR | NO | YES | YES |
| INST × LOMB | 0.041 (2.11)** | ||
| CONST | 1.27 (44.8)*** | 1.26 (30.2)*** | 1.26 (30.2)*** |
| R2 | 0.922 | 0.923 | 0.923 |
| P > F | 0.000 | 0.000 | 0.000 |
| RMSE | 0.308 | 0.306 | 0.306 |
| N | 6,010 | 6,010 | 6,010 |
| Dep. variable: DEBT | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| INST | 0.002 (–0.24) | 0.0017 (–0.19) | 0.013 (–1.28) |
| ASST | 0.699 (163)*** | 0.697 (162)*** | 0.697 (162)*** |
| EBITDA | 0.168 (38)*** | 0.169 (38)*** | 0.17 (38)*** |
| TANG | 0.012 (4.3)*** | 0.012 (3.99)*** | 0.012 (3.9)*** |
| INTANG | 0.011 (5.7)*** | 0.011 (5.5)*** | 0.011 (5.6)*** |
| 0.041 (2.11)** | |||
| CONST | 1.27 (44.8)*** | 1.26 (30.2)*** | 1.26 (30.2)*** |
| 0.922 | 0.923 | 0.923 | |
| 0.000 | 0.000 | 0.000 | |
| 0.308 | 0.306 | 0.306 | |
| 6,010 | 6,010 | 6,010 | |
| Dep. variable: LEV | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| Panel B: Leverage and institutional investors | |||
| INST | 0.044 (–0.66) | 0.043 (–0.63) | 0.095 (–1.18) |
| EBITDA_A | 1.35 (189)*** | 1.35 (189)*** | 1.35 (189)*** |
| TANG_A | 0.29 (46.2)*** | 0.29 (46.2)*** | 0.29 (46.2)*** |
| INTANG_A | 0.64 (33.5)*** | 0.64 (33.5)*** | 0.64 (33.5)*** |
| DUMREGION | NO | YES | YES |
| DUMSECTOR | NO | YES | YES |
| INST × LOMB | 0.177 (1.19)* | ||
| CONST | 0.53 (14.2)*** | 0.65 (2.65)** | 0.62 (2.44)** |
| R2 | 0.888 | 0.888 | 0.888 |
| P > F | 0.000 | 0.000 | 0.000 |
| RMSE | 2.568 | 2.566 | 2.566 |
| N | 6,991 | 6,991 | 6,991 |
| Dep. variable: LEV | Model 1 | Model 2 | Model 3 |
|---|---|---|---|
| INST | 0.044 (–0.66) | 0.043 (–0.63) | 0.095 (–1.18) |
| EBITDA_A | 1.35 (189)*** | 1.35 (189)*** | 1.35 (189)*** |
| TANG_A | 0.29 (46.2)*** | 0.29 (46.2)*** | 0.29 (46.2)*** |
| INTANG_A | 0.64 (33.5)*** | 0.64 (33.5)*** | 0.64 (33.5)*** |
| 0.177 (1.19)* | |||
| CONST | 0.53 (14.2)*** | 0.65 (2.65)** | 0.62 (2.44)** |
| 0.888 | 0.888 | 0.888 | |
| 0.000 | 0.000 | 0.000 | |
| 2.568 | 2.566 | 2.566 | |
| 6,991 | 6,991 | 6,991 | |
Note(s): *p < 0.1; **p < 0.05; ***p < 0.01
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