Table 3 Capital market liberalization...

Table 3

Capital market liberalization and corporate debt maturity structure

Variable	DM
Variable	(1)	(2)
Open	0.0953^***	0.0631^***
Open	(4.46)	(2.95)
Size		0.0893^***
Size		(8.77)
ROA		−0.0210
ROA		(−0.24)
Growth		−0.0087^**
Growth		(−2.05)
Lev		0.0760^*
Lev		(1.92)
AM		0.0176
AM		(0.35)
CFO		0.1546^***
CFO		(3.63)
Top1		0.0015^***
Top1		(2.64)
Dual		−0.0111
Dual		(−1.14)
QFII		−0.0257
QFII		(−0.03)
Constant	0.3399^***	−1.7060^***
Constant	(48.41)	(−7.73)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.1001	0.2180
N	10,351	10,351

Variable	DM
Variable	(1)	(2)
Open	0.0953^***	0.0631^***
Open	(4.46)	(2.95)
Size		0.0893^***
Size		(8.77)
ROA		−0.0210
ROA		(−0.24)
Growth		−0.0087^**
Growth		(−2.05)
Lev		0.0760^*
Lev		(1.92)
AM		0.0176
AM		(0.35)
CFO		0.1546^***
CFO		(3.63)
Top1		0.0015^***
Top1		(2.64)
Dual		−0.0111
Dual		(−1.14)
QFII		−0.0257
QFII		(−0.03)
Constant	0.3399^***	−1.7060^***
Constant	(48.41)	(−7.73)
Firm FE	Control	Control
Year FE	Control	Control
R²	0.1001	0.2180
N	10,351	10,351

Note(s): This table presents the regression results of the impact of capital market liberation on the corporate debt maturity structure. Variable definitions are available in Appendix 2. T-values are reported in parentheses. ***, ** and * denote statistical significance at the 1, 5 and 10% levels, respectively

Source(s): Table by authors

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