Table 3.

The results of Tobit regression

Tobit regression			Num. of obs = 558
			F (12, 546) = 28.25
			Prob > F = 0.0000
Log pseudolikelihood =  − 147.95353			Pseudo R2 = 0.3969
Independent variables	Coef	Robust std. err	t	P >|t|	[95% conf. interval]
Cov	0.0042342	0.0240661	0.18	0.860	− 0.0430392	0.0515076
Size	0.054534	0.0077672	7.02	0.000***	0.0392768	0.0697912
Age	− 0.0004944	0.0096836	− 0.05	0.959	− 0.0195162	0.0185273
Leverage	− 0.0302935	0.0139484	− 2.17	0.030**	− 0.0576926	− 0.0028944
Sec1	0.1817935	0.0851139	2.14	0.033**	0.0146028	0.3489843
Sec2	0.1368425	0.0825054	1.66	0.098*	− 0.0252244	0.2989095
Sec3	− 0.0712983	0.0817635	− 0.87	0.384	− 0.2319079	0.0893112
Sec4	0.1268625	0.0873644	1.45	0.147	− 0.044749	0.2984739
Sec5	− 0.2485024	0.0760406	− 3.27	0.001***	− 0.3978703	− 0.0991345
Sec6	− 0.1187937	0.079931	− 1.49	0.138	− 0.2758037	0.0382162
Sec7	− 0.1354647	0.0775438	− 1.75	0.081*	− 0.2877854	0.016856
Sec8	0.0774234	0.088747	0.87	0.383	− 0.096904	0.2517508
_cons	− 0.0359543	0.1206739	− 0.30	0.766	− 0.2729963	0.2010877

*p < 0.1; **p < 0.05; ***p < 0.01