Table 6. Robustness tests: A look into the growth rate of corporate debt.
Fixed effect regressions (columns 1–2) | GMM regressions (columns 3–4) | |||
---|---|---|---|---|
(1) | (2) | (3) | (4) | |
debtgrowth | debtgrowth | debtgrowth | debtgrowth | |
aunc | -0.180*** | -0.303*** | ||
(0.031) | (0.022) | |||
func | -0.058*** | -0.100*** | ||
(0.014) | (0.008) | |||
size | 0.030*** | 0.029*** | 0.053*** | 0.052*** |
(0.007) | (0.008) | (0.005) | (0.005) | |
sales | 0.009** | 0.009** | 0.003 | 0.003 |
(0.003) | (0.003) | (0.002) | (0.002) | |
ppe | 0.107*** | 0.108*** | 0.341*** | 0.340*** |
(0.027) | (0.027) | (0.030) | (0.030) | |
roa | -0.309*** | -0.292*** | -0.598*** | -0.577*** |
(0.056) | (0.051) | (0.066) | (0.065) | |
sof | -0.009 | -0.010 | -0.057*** | -0.059*** |
(0.011) | (0.012) | (0.013) | (0.013) | |
refinance | 0.470 | 0.426 | 0.438*** | 0.294*** |
(0.354) | (0.376) | (0.086) | (0.091) | |
gdp | 1.836*** | 1.992*** | 1.303*** | 1.644*** |
(0.589) | (0.619) | (0.180) | (0.185) | |
lagged DV | -0.088*** | -0.081*** | ||
(0.022) | (0.022) | |||
Observations | 6,969 | 6,969 | 6,969 | 6,969 |
Firms | 623 | 623 | 623 | 623 |
R-squared | 0.048 | 0.046 | ||
Instruments | 73 | 73 | ||
AR(1) test | 0.000 | 0.000 | ||
AR(2) test | 0.104 | 0.135 | ||
Hansen test | 0.102 | 0.103 |
Notes: Dependent variables (DV) are shown at the top.
* p<0.1;
** p<0.05;
*** p<0.01.
Standard errors are in parentheses.