Table 4. Decomposing corporate debt: Long-term versus short-term debt.

	Fixed effect regressions (columns 1–4)				GMM regressions (columns 5–8)
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
	shortdebt	shortdebt	longdebt	longdebt	shortdebt	shortdebt	longdebt	longdebt
aunc	-0.037***		-0.112***		-0.127***		-0.050***
	(0.009)		(0.014)		(0.012)		(0.006)
func		-0.010**		-0.040***		-0.044***		-0.019***
		(0.005)		(0.004)		(0.004)		(0.002)
size	0.008**	0.007**	0.026***	0.025***	0.017***	0.017***	0.014***	0.014***
	(0.003)	(0.003)	(0.002)	(0.003)	(0.003)	(0.003)	(0.001)	(0.001)
sales	0.003***	0.003***	0.003	0.003*	-0.001	-0.001	0.003***	0.003***
	(0.001)	(0.001)	(0.002)	(0.002)	(0.001)	(0.001)	(0.001)	(0.001)
ppe	0.005	0.005	0.013	0.014	0.011	0.012	0.096***	0.095***
	(0.011)	(0.011)	(0.009)	(0.009)	(0.019)	(0.019)	(0.009)	(0.009)
roa	-0.145***	-0.140***	-0.132***	-0.124***	-0.287***	-0.284***	-0.104***	-0.105***
	(0.014)	(0.013)	(0.018)	(0.017)	(0.031)	(0.031)	(0.015)	(0.015)
sof	-0.003	-0.003	-0.002	-0.003	-0.019**	-0.020**	-0.002	-0.001
	(0.005)	(0.005)	(0.003)	(0.003)	(0.008)	(0.008)	(0.003)	(0.003)
refinance	0.239**	0.239*	0.226	0.183	0.239***	0.165***	0.097***	0.068***
	(0.108)	(0.114)	(0.149)	(0.143)	(0.043)	(0.047)	(0.019)	(0.020)
gdp	0.724***	0.748***	0.244	0.358*	0.493***	0.657***	0.114***	0.178***
	(0.203)	(0.204)	(0.168)	(0.198)	(0.069)	(0.074)	(0.028)	(0.029)
lagged DV					-0.076***	-0.077***	0.141***	0.145***
					(0.018)	(0.018)	(0.015)	(0.015)
Observations	6,969	6,969	6,969	6,969	6,969	6,969	6,969	6,969
Firms	623	623	623	623	623	623	623	623
R-squared	0.030	0.029	0.057	0.054
Instruments					120	120	120	120
AR(1) test					0.000	0.000	0.000	0.000
AR(2) test					0.220	0.197	0.811	0.954
Hansen test					0.234	0.267	0.175	0.133

Notes: Dependent variables (DV) are shown at the top.

* p<0.1;

** p<0.05;

*** p<0.01.

Standard errors are in parentheses.