Table 6

Path analysis results

ADEBTDEBT
INST−3,787−4,005
0.0050.000
INNOV80.89 
0.000
EBITDA 9.76
0.000
TOT. EFF.−5,128−5,128
0.0000.000
R20.0030.003
N7,0007,000
BLEVLEV
INST−0.050.06
0.7890.47
INNOV_A40.56 
0.000
EBITDA_A 1.51
0.000
TOT. EFF.−0.08−0.08
0.6740.67
R20.0010.000
N6,9916,991
CDEBTDEBT
INNOV80.8962.3
0.0000.000
INST−3,787 
0.005
EBITDA 9.46
0.000
TOT. EFF.81.4381.4
0.0000.000
R20.060.06
N7,0007,000
DLEVLEV
INNOV_A40.46−12.2
0.0000.000
INST−0.05 
0.79
EBITDA_A 1.51
0.000
TOT. EFF.40.5240.52
0.0000.000
R20.0050.01
N6,9916,991

Note(s): A: institutional investors on debt, mediation patent and EBITDA separatelyB: institutional investors on leverage, mediation patent and EBITDA separatelyC: patent on debt, mediation INST and EBITDA separatelyD: (patent/asset) on debt, mediation INST and EBITDA/asset separately

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