Alternative leverage measures
| Variables | LDAt+1 (1) | LDM t+1 (2) |
|---|---|---|
| LEV | 0.7190*** | 0.7040*** |
| (0.000) | (0.000) | |
| LIQ | −0.0001*** | −0.0000 |
| (0.006) | (0.992) | |
| LIQ × LEV | 0.0009*** | −0.0002 |
| (0.000) | (0.832) | |
| Control | Yes | Yes |
| Year fixed effects | Yes | Yes |
| Observations | 10,938 | 10,938 |
| Number of id | 1,609 | 1,609 |
| Variables | LDAt+1 (1) | LDM t+1 (2) |
|---|---|---|
| 0.7190*** | 0.7040*** | |
| (0.000) | (0.000) | |
| −0.0001*** | −0.0000 | |
| (0.006) | (0.992) | |
| Yes | Yes | |
| Year fixed effects | Yes | Yes |
| Observations | 10,938 | 10,938 |
| Number of id | 1,609 | 1,609 |
Note(s): This table reports the regression results for the effect of liquidity on the speed of adjustment using the two-step system GMM estimator. The variable definitions are in Appendix. ***, ** and * indicate significance at the 1, 5 and 10% levels, respectively. The p-values are in parenthesis
Source(s): The table is created by authors
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.