Table 6 OLS (Robust) results

BS

− 6.564***

− 0.444**

− 0.740***

− 7.182***

(1.535)

(0.184)

(0.171)

(1.741)

BMF

0.002

0.001

− 0.002***

0.003

(0.013)

(0.002)

(0.001)

(0.016)

BGD

− 2.100**

− 0.332**

− 0.442***

− 2.742**

(0.885)

(0.150)

(0.098)

(1.070)

REM

0.400***

0.046***

− 0.002

0.474***

(0.079)

(0.008)

(0.004)

(0.090)

BSC

0.226***

0.026***

0.012**

0.244***

(0.077)

(0.009)

(0.006)

(0.089)

ACS

− 0.601*

− 0.072**

0.026

− 0.733*

(0.320)

(0.035)

(0.032)

(0.377)

ACMF

0.061

0.020**

− 0.020***

0.089

(0.109)

(0.008)

(0.006)

(0.119)

LEV

13.964***

1.238*

0.157

17.464***

(3.477)

(0.656)

(0.202)

(3.995)

AGE

1.241

0.049

− 0.345***

1.215

(0.977)

(0.101)

(0.071)

(1.101)

BSIZE

− 2.470***

− 0.233***

0.168***

− 2.669***

(0.469)

(0.047)

(0.040)

(0.529)

Constant

19.064***

1.905***

− 0.459*

19.332***

(3.809)

(0.633)

(0.274)

(4.420)

Observations

168

168

168

168

R-squared

0.420

0.362

0.429

0.417