The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 2 Model A: analysis of the Italian manufacturing industry with judicial insolvency procedures at time t-1 (Italy, 2014–2016)
From: Legal environment and corporate finance: evidence from the Italian manufacturing industry
Variable | Debt ratio t | Debt ratio t | Debt ratiot |
|---|---|---|---|
(1) | (2) | (3) | |
Liquidity | − 3.47e−05*** | − 3.44e−05*** | − 2.19e−05*** |
(4.64e−06) | (4.64e−06) | (4.83e−06) | |
Age ψ | − 0.0296*** | − 0.0296*** | − 0.0277*** |
(0.000893) | (0.000893) | (0.000979) | |
Large company | 0.0640*** | 0.0640*** | 0.0744*** |
(0.00178) | (0.00178) | (0.00190) | |
Medium company | − 0.0707*** | − 0.0708*** | − 0.0821*** |
(0.00391) | (0.00391) | (0.00415) | |
Mortgage foreclosure (real estate)t-1 ψ | 0.0324*** | ||
(0.00234) | |||
Mortgage foreclosure (movable)t-1 ψ | 0.0214*** | ||
(0.00171) | |||
Bankruptcyt-1 ψ | 0.0163*** | ||
(0.00200) | |||
Private limited company | − 0.0271*** | − 0.0271*** | − 0.00498 |
(0.00574) | (0.00573) | (0.00675) | |
Public limited company | − 0.217*** | − 0.217*** | − 0.181*** |
(0.00724) | (0.00724) | (0.00811) | |
Innovative start-up | − 0.00827 | − 0.00877 | − 0.0193 |
(0.0146) | (0.0146) | (0.0189) | |
Innovative SME | − 0.0788*** | − 0.0779*** | − 0.0747*** |
(0.0209) | (0.0208) | (0.0213) | |
Constant | 0.694*** | 0.812*** | 0.759*** |
(0.0187) | (0.0120) | (0.0183) | |
Macro-area (FE) | Yes | Yes | Yes |
NACE code (FE) | Yes | Yes | Yes |
Wald Chi-square (p-value) | 0.0000 | 0.0000 | 0.0000 |
R-squared (between) | 0.16 | 0.16 | 0.16 |
R-squared (overall) | 0.15 | 0.15 | 0.16 |
Observations | 135,665 | 135,665 | 120,373 |
Number of companies | 84,155 | 84,155 | 74,835 |