The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)
Table 7 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 ratio t |
|---|---|---|---|
(1) | (2) | (3) | |
Liquidity | − 3.07e−06 | − 2.76e−06 | 6.31e−06** |
(2.82e−06) | (2.82e−06) | (2.87e−06) | |
Age ψ | − 0.0294*** | − 0.0294*** | − 0.0273*** |
(0.000873) | (0.000874) | (0.000958) | |
Large company | 0.0625*** | 0.0625*** | 0.0716*** |
(0.00173) | (0.00173) | (0.00185) | |
Medium company | − 0.0688*** | − 0.0689*** | − 0.0808*** |
(0.00371) | (0.00371) | (0.00395) | |
Mortgage foreclosure (real estate)t-1 ψ | 0.0316*** | ||
(0.00227) | |||
Mortgage foreclosure (movable)t-1 ψ | 0.0217*** | ||
(0.00165) | |||
Bankruptcyt-1 ψ | 0.0165*** | ||
(0.00195) | |||
Private limited company | − 0.0253*** | − 0.0253*** | − 0.00392 |
(0.00560) | (0.00559) | (0.00658) | |
Public limited company | − 0.213*** | − 0.213*** | − 0.178*** |
(0.00702) | (0.00701) | (0.00786) | |
Innovative start-up | − 0.00514 | − 0.00573 | − 0.0127 |
(0.0142) | (0.0142) | (0.0184) | |
Innovative SME | − 0.0778*** | − 0.0768*** | − 0.0732*** |
(0.0207) | (0.0207) | (0.0211) | |
Constant | 0.699*** | 0.810*** | 0.758*** |
(0.0182) | (0.0116) | (0.0178) | |
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 | 0.15 |
Observations | 143,905 | 143,905 | 127,712 |
Number of companies | 87,557 | 87,557 | 77,853 |