Table 4 Regression results of firm performance on cost of debt

VARIABLES

COD

COD

COD

COD

ROA

− 0.235***

− 0.198***

[− 2.66]

[− 2.79]

TOBINSQ

− 0.005**

− 0.002**

[− 2.09]

[− 1.87]

SIZE

0.004

0.003

0.001

− 0.002

[1.19]

[0.02]

[0.15]

[− 0.55]

LEVERAGE

− 0.044*

− 0.079**

− 0.024

− 0.063**

[− 1.87]

[− 2.54]

[− 1.10]

[− 2.03]

OCF

0.208***

0.192***

0.163***

0.161***

[4.65]

[5.27]

[4.42]

[4.58]

NWC

0.028

0.022

0.016

0.013

[1.51]

[0.95]

[0.84]

[0.58]

CAPEX

− 0.051

− 0.085

− 0.07

− 0.090*

[− 1.05]

[− 1.61]

[− 1.45]

[− 1.69]

AGE

0.001

− 0.003

0.001

− 0.003

[0.12]

[− 0.32]

[0.13]

[− 0.40]

RND

0.46

0.555

0.344

0.968

[0.25]

[0.27]

[0.18]

[0.48]

BOD_SIZE

− 0.028**

− 0.018

− 0.026**

− 0.019

[− 2.27]

[− 0.99]

[− 2.11]

[− 1.03]

BIG4

− 0.018*

− 0.022**

− 0.023**

− 0.027**

[− 1.66]

[− 2.09]

[− 2.13]

[− 2.46]

RECINV

0.016

0.028

0.023

0.033

[0.77]

[0.99]

[1.14]

[1.16]

SIZE_AC

− 0.002

− 0.003

− 0.002

− 0.002

[− 0.76]

[− 0.61]

[− 0.70]

[− 0.56]

INST_OWN

0

0

0

0

[− 0.25]

[0.61]

[− 0.28]

[0.75]

GOVT

− 0.001***

0

− 0.001**

0

[− 2.71]

[− 0.36]

[− 2.37]

[− 0.14]

DUALITY

0.020*

0.015

0.019

0.016

[1.68]

[0.24]

[1.53]

[0.27]

OPINION

− 0.001

− 0.012

− 0.002

− 0.011

[− 0.11]

[− 1.33]

[− 0.15]

[− 1.25]

Year effects controlled

Yes

Yes

Yes

Yes

Fixed effects-Industry

Controlled

Controlled

Controlled

Controlled

Constant

0.140***

0.161***

0.157***

0.175***

[3.51]

[3.05]

[3.72]

[3.28]

Observations

547

547

547

547

Number of Unique companies

114

114

Wald Chi2 (28)

68.09***

60.13***

Prob > Chi2

0.0000

0.000

R-squared

0.14

0.13

Adj. R-squared

0.09

0.08