Table 3 Benchmark regression results.

Risk

0.090^***

0.076^***

(4.901)

(4.094)

Size

−0.000

0.005^*

(−0.070)

(1.725)

Age

−0.001^*

−0.000

(−1.900)

(−0.664)

Lev

0.066^***

0.061^***

(3.247)

(2.987)

Roa

0.130^*

−0.013

(1.882)

(−0.186)

Cfo

−0.162^***

−0.103^*

(−3.066)

(−1.932)

Bm

−0.033^**

−0.106^***

(−2.186)

(−6.484)

Mhold

0.030

0.052^***

(1.535)

(2.645)

Dual

0.003

0.004

(0.395)

(0.561)

constant

0.212^***

0.230^***

(3.346)

(3.355)

N

7234

7234

R²

0.009

0.064

Year

NO

YES

Indcd

NO

YES