Table 5 Regression analysis of firm size (total asset, total sales, MVE and number of employees) and financial leverage (debt to equity)

C

0.10^ns

0.08^ns

0.43***

0.48***

− 0.69***

− 0.19^ns

0.09^ns

0.56***

Profitability: ROA

0.05***

0.06***

0.02***

− 0.01**

0.11***

0.08***

0.05***

− 0.01^ns

Tangibility

0.00^ns

0.00^ns

0.00^ns

0.00^ns

0.00^ns

0.00^ns

0.00^ns

0.00^ns

Size: Ln(assets)

0.07***

0.21***

Size: Ln(sales)

0.08***

0.11***

Size: Ln(MVE)

0.03***

0.06***

Size: number of employees

0.03***

0.02^ns

Year fixed effect

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

R²

0.04

0.04

0.03

0.09

0.04

0.05

0.02

0.12

#Observations

1250

1250

1250

1250

1250

1250

1250

1250