Table 9. Tests for the cost of debt channel.

	(1)	(2)	(3)	(4)
	cost	cost	debt1	debt1
Cost			-0.108 ***	-0.109 ***
			(0.011)	(0.011)
aunc	0.016 **		-0.136***
	(0.007)		(0.012)
func		0.007 **		-0.047***
		(0.003)		(0.004)
lagged DV	-0.198***	-0.202***	-0.180***	-0.172***
	(0.007)	(0.007)	(0.020)	(0.020)
Macro controls	Yes	Yes	Yes	Yes
Firm controls	Yes	Yes	Yes	Yes
Observations	4,965	4,965	5,459	5,459
Firms	567	567	588	588
Instruments	118	118	120	120
AR(1) test	0.000	0.000	0.000	0.000
AR(2) test	0.419	0.453	0.101	0.340
Hansen test	0.160	0.175	0.450	0.460

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

** p<0.05;

*** p<0.01.

Standard errors are in parentheses.