y1L | Substitutability of bonds and bank loans—binary variable takes the value 1 if a firm issued bonds in the year |
y2L | Complementariness of bonds and bank loans—binary variable takes the value 1 if a firm issued bonds in the year |
y3L | Bond issue—binary variable takes the value 1 if a firm issued bonds in the year |
y4L | Bank loans—binary variable takes the value 1 if a company borrowed a bank loan in the year covered by the analysis; and 0, if the company did not borrow a bank loan that year |
ysub | Weak form of substitutability of bonds and bank loans—binary variable takes the value 1 if a firm issued bonds in the year |
y1p | The size of the bond issue/total assets |
y2p | Inflow of bank loan/total assets |
y4l | −0.0816 | −0.0709 | −0.0422 | −0.0819 | −0.0714 | −0.0425 |
Risk | −0.0094 (0.0822) | 0.0894 (0.0742) | 0.0608 | −0.0250 (0.0823) | 0.0806 (0.0741) | 0.0592 |
Leverage | 0.0368 | 0.0277 | 0.0114 | 0.0357 | 0.0256 | 0.0102 |
dum_zscore | 0.0209 | 0.0266 | 0.0063 | 0.0219 | 0.0260 | 0.0060 |
Debt | 0.0165 | 0.0129 | 0.0070 | 0.0167 | 0.0130 | 0.0070 |
−0.0015 | 0.0004 (0.0007) | −0.0013 | 0.0004 (0.0007) | |||
Tangibility | 0.0913 | −0.0057 (0.0195) | −0.0050 (0.0045) | 0.0836 | −0.0076 (0.0196) | −0.0055 (0.0047) |
subs_inv | 0.0037 | 0.0007 (0.0010) | −0.0002 (0.0003) | 0.0037 | 0.0007 (0.0010) | −0.0001 (0.0003) |
Rating_2 | 0.0135 | 0.0030 (0.0044) | −0.0002 (0.0016) | |||
Rating_3 | −0.0081 | −0.0030 (0.0027) | −0.0006 (0.0008) | |||
public_debt_t1 | −0.0137 | 0.0024 (0.0075) | 0.0125 | −0.0133 | 0.0019 (0.0075) | 0.0120 |
fin_pressures | 0.00001 (0.0003) | −0.0002 (0.0002) | −0.0002 | −0.00002 (0.0003) | −0.0003 (0.0002) | −0.0002 |
_cons | −0.0511 | −0.0117 | −0.0026 | −0.0310 | −0.0041 (0.0121) | −0.0011 (0.0035) |
Number of observations | 761 | 761 | 761 | 761 | 761 | 761 |
Number of groups | 208 | 208 | 208 | 208 | 208 | 208 |
R2 within group | 0.2604 | 0.2164 | 0.2584 | 0.2182 | ||
R2 between groups | 0.0251 | 0.1069 | 0.0307 | 0.1072 | ||
R2 overall | 0.0908 | 0.1500 | 0.0963 | 0.1507 | ||
corr(u_i, Xb) | −0.4480 | −0.4384 | ||||
17.35 | 17.17 | |||||
2.84 | 2.82 | |||||
Wald test | 151.47 | 369.16 | 152.42 | 361.24 | ||
Sargan–Hansen test of over-identifying restrictions | 127.022 | 124.156 | ||||
Hausmann test | 109.98 | 107.86 | ||||
Breusch–Pagan Lagrangian multiplier test for random effects | 54.87 | 55.84 | ||||
Wooldridge test for autocorrelation in panel data | 3.728 | 3.756 | ||||
0.0550 | 0.0541 | |||||
Modified Wald test for groupwise heteroscedasticity in fixed-effect regression model | −208 | −208 |
y1l | −0.1449 | −0.1196 | −0.0757 | −0.1416 | −0.1172 | −0.0750 | −0.1422 | −0.1181 | −0.0779 |
Risk | 0.0303 (0.1552) | −0.0347 (0.1295) | 0.0190 (0.0340) | 0.0313 (0.1555) | −0.0146 (0.1295) | 0.0233 (0.0328) | −0.0042 (0.1555) | −0.0535 (0.1309) | 0.0057 (0.0341) |
Leverage | −0.0712 | −0.0017 (0.0186) | 0.0048 (0.0076) | −0.0743 | −0.0031 (0.0192) | −0.0002 (0.0084) | −0.0775 | −0.0113 (0.0191) | −0.0019 (0.0074) |
market_to_ book | 1.04e-06 (2.18e-06) | 1.33e-06 (1.41e-06) | 6.23e-07 (5.36e-07) | 6.42e-07 (2.22e-06) | 1.34e-06 (1.43e-06) | 7.08e-07 | 1.82e-07 (2.19e-06) | 9.06e-07 (1.43e-06) | 2.57e-07 (5.17e-07) |
roa | −0.2597 | 0.0618 (0.0998) | −0.0538 | −0.2364 | 0.0729 (0.1017) | −0.0533 | −0.2332 | 0.0990 (0.1005) | −0.0238 (0.0256) |
dum_zscore | 0.0154 (0.0294) | −0.0146 (0.0218) | −0.0026 (0.0053) | 0.0174 (0.0296) | −0.0136 (0.0219) | −0.0033 (0.0052) | 0.0239 (0.0295) | −0.0138 (0.0218) | −0.0059 |
Debt | 0.0148 | 0.0123 | 0.0090 | 0.0145 | 0.0120 | 0.0088 | 0.0148 | 0.0122 | 0.0091 |
Growth | 0.0017 | 0.0013 (0.0012) | 0.0014 | 0.0017 | 0.0013 (0.0012) | 0.0013 | 0.0021 | 0.0014 (0.0012) | 0.0015 |
Tangibility | −0.1092 (0.0792) | −0.0104 (0.0317) | 0.0129 | −0.1066 (0.0793) | −0.0144 (0.0321) | 0.0132 | −0.1246 | −0.0213 (0.0319) | 0.0200 |
oper_risk | 1.17e-07 (1.26e-07) | 1.76e-09 (3.63e-08) | 6.63e-09 (1.65e-08) | 1.11e-07 (1.26e-07) | 9.22e-10 (3.65e-08) | 6.34e-09 (1.70e-08) | 1.13e-07 (1.26e-07) | 5.15e-09 (3.65e-08) | 8.36e-09 (1.55e-08) |
long_debt | 0.0279 (0.0265) | 0.0086 (0.0193) | −0.0006 (0.0047) | 0.0338 (0.0271) | 0.0105 (0.0196) | 0.0007 (0.0047) | 0.0417 | 0.0153 (0.0195) | 0.0035 (0.0046) |
subs_inv | −0.0042 | −0.0021 | −0.0012 | −0.0040 | −0.0019 | −0.0013 | −0.0041 | −0.0019 | −0.0012 |
Rollover_debt | −1.65e-09 (2.51e-09) | −1.41e-09 (2.33e-09) | −1.13e-09 | −1.68e-09 (2.52e-09) | −1.36e-09 (2.34e-09) | −1.13e-09 | −1.71e-09 (2.51e-09) | −1.38e-09 (2.33e-09) | −1.2e-09 |
Age | −0.0083 | −0.0064 | −0.0030 | −0.0082 | −0.0063 | −0.0031 | −0.0098 | −0.0065 | −0.0036 |
public debt_t1 | −0.0151 (0.0157) | −0.0076 (0.0131) | −0.0042 (0.0036) | −0.0180 (0.0157) | −0.0093 (0.0132) | −0.0044 (0.0035) | −0.0168 (0.0155) | −0.0111 (0.0131) | −0.0091 |
rating_2 | −0.0116 | −0.0126 | −0.0070 | ||||||
rating_3 | −0.0044 (0.0067) | 0.0004 (0.0048) | 0.0007 (0.0013) | ||||||
rating_1 | 0.0558 | 0.0294 | 0.0142 | ||||||
_cons | 0.0917 | 0.0563 | 0.0243 | 0.0931 | 0.0503 | 0.0220 | 0.0861 | 0.0478 | 0.0245 |
No of observations of groups | 761 | 761 | 752 | 761 | 761 | 752 | 761 | 761 | 752 |
208 | 208 | 199 | 208 | 208 | 199 | 208 | 208 | 199 | |
0.1573 | 0.1279 | 0.1556 | 0.1266 | 0.1634 | 0.1329 | ||||
0.0302 | 0.1222 | 0.0293 | 0.1165 | 0.0298 | 0.1156 | ||||
0.0778 | 0.1248 | 0.0765 | 0.1210 | 0.0777 | 0.1237 | ||||
corr(u_i, Xb) | −0.3248 | −0.3204 | −0.3511 | ||||||
6.26 | 6.19 | 6.56 | |||||||
1.81 | 1.82 | 1.85 | |||||||
Wald test chi-squared | 106.02 | 631.16 | 102.91 | 629.24 | 106.37 | 808.66 | |||
Sargan–Hansen test of over-identifying restrictions | |||||||||
chi-squared | 43.653 | 43.550 | 45.921 | ||||||
Hausman test of over-identifying restrictions | |||||||||
chi-squared (13) | 41.77 | 41.59 | 43.76 | ||||||
Breusch–Pagan Lagrangian multiplier test for random effects | |||||||||
chibar2(01) | 28.32 | 28.89 | 29.69 | ||||||
Wooldridge test for autocorrelation in panel data | |||||||||
−208 | −208 | −208 | |||||||
Modified Wald test for groupwise heteroscedasticity in fixed-effect regression model | |||||||||
chi-squared (211) | 8.755 | 8.610 | 8.505 |
Bonds issue | 24 | 17 | 14 | 18 | 17 | 18 | 18 | 21 | 35 | 37 | 46 | 59 | 84 | 91 | 97 | 75 |
Bank loans without issue bonds | 23 | 38 | 46 | 37 | 42 | 40 | 43 | 57 | 49 | 63 | 69 | 72 | 79 | 88 | 77 | 76 |
Liquidity support by bond issue | 6 | 8 | 4 | 7 | 5 | 4 | 6 | 8 | 14 | 11 | 19 | 25 | 39 | 36 | 40 | 38 |
Financial investments | 20 | 15 | 14 | 16 | 12 | 13 | 10 | 16 | 25 | 28 | 30 | 44 | 48 | 52 | 56 | 41 |
Tangible investments | 22 | 16 | 13 | 16 | 16 | 15 | 17 | 20 | 30 | 33 | 39 | 48 | 59 | 68 | 63 | 54 |
acc_policy | −9.068 | −1.889 | 2.799 | 0.606 | ||||||
disc_income | 10.812 | 2.252 | −4.351 | −0.657 | −4.448 | −1.106 | ||||
disc_balance | −7.960 | −1.658 | 4.452 | 0.673 | 5.596 | 1.392 | ||||
Risk | −67.295 | −14.018 | −6.727 (5.39) | −1.456 (1.22) | −13.154 | −1.987 | −10.947 | −2.722 | ||
Bankruptcy | −0.927 | −0.193 | −0.027 | −0.004 | −0.104 | −0.026 | 0.042 | 0.009 | ||
dum bankrupt | 9.047 | 0.366 (0.30) | −5.381 | −0.387 | ||||||
Debt | 0.542 | 0.113 | 1.367 | 0.296 | 0.574 | 0.087 | 0.473 | 0.117 | 0.538 | 0.111 |
Growth | 0.068 (0.36) | 0.014 (0.07) | 0.093 (0.12) | 0.020 (0.03) | 0.011 (0.06) | 0.002 (0.01) | 0.022 (0.06) | 0.005 (0.01) | 0.092 (0.18) | 0.019 (0.04) |
Tangibility | −2.819 | −0.587 | −0.080 (0.84) | −0.017 (0.18) | −0.969 | −0.146 | −0.872 (0.76) | −0.217 (0.19) | 0.805 (0.95) | 0.166 (0.19) |
oper_risk | 4.76e−06 | 9.91e−07 | −2.03e-06 | −4.20e-07 | ||||||
subs_inv | −0.343 | −0.071 | ||||||||
Maintain liquidity | −0.091 | −0.019 | 0.070 | 0.015 | 0.035 | 0.005 | ||||
Rating | 1.960 | 0.408 | −0.575 | −0.124 | −0.242 (0.24) | −0.060 (0.06) | −0.249 (0.23) | −0.051 (0.05) | ||
Size | −1.26 | −0.273 | −0.218 | −0.045 | ||||||
fin_pressures | 0.003 | 0.0004 | 0.004 | 0.001 | ||||||
riskdisclosure | 1.039 (1.01) | 0.216 (0.23) | −0.682 | −0.103 | −0.498 | −0.124 | 1.072 | 0.221 | ||
public_debt_t1 | 1.185 | 0.259 | 1.348 | 0.224 | 1.578 | 0.375 | ||||
Auditor | −1.591 | −0.328 | −1.400 | −0.203 | −1.041 | −0.252 | ||||
freefloat | −4.413 | −0.919 | −1.167 | −0.176 | ||||||
tax_shield | 0.558 | 0.116 | 0.020 (0.02) | 0.003 (0.002) | ||||||
Age | −0.062 | −0.009 | −0.063 | −0.016 | ||||||
rollover_debt | 2.023 | 0.421 | ||||||||
Liquidity | −0.019 (0.02) | −0.003 (0.002) | ||||||||
real_estate | −0.336 | −0.051 | ||||||||
tax_saving | −0.233 | −0.050 (0.05) | ||||||||
long_debt | −0.760 | −0.164 (0.13) | ||||||||
_cons | −4.804 | 1.021 (1.62) | −4.372 | −4.728 | −1.236 (1.12) | |||||
Pr(y) (predict) | 0.704 | 0.317 | 0.185 | 0.463 | 0.708 | |||||
Correct classif | 88.50% | 82.46% | 81.49% | 76.21% | 88.08% | |||||
LR | 87.3 | 139.6 | 188.96 | 112.1 | 205.9 | |||||
Adjusted count | 0.667 | 0.478 | 0.519 | 0.226 | 0.634 | |||||
Pearson | chi-squared (94) | 67.0 | chi-squared (255) | 255.3 | chi-squared (317) | 261.6 | chi-squared (255) | 247.5 | chi-squared (335) | 335.5 |
Prob. | 0.984 | 0.482 | 0.990 | 0.620 | 0.483 | |||||
LR chi-squared (2) | 87.57 | 139.58 | 188.96 | 112.42 | 207.95 | |||||
Log likelihood | −29.03 | −101.25 | −128.79 | −129.93 | −113.09 | |||||
Pseudo | 0.601 | 0.408 | 0.423 | 0.302 | 0.479 | |||||
_hat | 1.046 | 0.999 | 1.001 | 1.012 | 1.035 | |||||
hatsq | 0.034 (0.05) | −0.001 (0.06) | 0.002 (0.05) | 0.039 (0.07) | −0.077 (0.05) | |||||
cons | −0.063 (0.37) | 0.001 (0.20) | −0.003 (0.18) | −0.056 (0.18) | 0.234 (0.26) |
y2p | −0.0276 | −0.0378 (0.0316) |
Size | −0.0077 | −0.0070 |
Leverage | 0.0250 | 0.0308 |
market_to_book | 8.00e-07 | 7.48e-07 |
dum_zscore | 0.0148 | 0.0216 |
Debt | 0.0085 | 0.0093 |
Tangibility | −0.0582 | −0.0574 |
Liquidity | 0.0001 (0.0001) | 0.0001 |
tang_investment | 0.0016 | 0.0017 |
subs_inv | 0.0029 | 0.0024 |
Maintainliquidity | 0.0001 | 0.0001 |
tax_shield | 0.0012 | |
Age | −0.0019 | −0.0020 |
public_debt_t1 | 0.0319 | 0.0219 |
Growth | −3.91e-06 | |
_cons | 0.0641 | 0.0534 |
Number of observations | 2154 | |
Number of groups | 223 | |
Obs. per group: minimum | 3 | |
Average | 9.6592 | |
Maximum | 16 | |
0.1250 | ||
Wald chi-squared (14) | 297.01 | 4712.70 |
Modified Wald test for groupwise heteroscedasticity in fixed-effect regression model | chi-squared (223) = 7.5e+05 | |
Wooldridge test for autocorrelation | ||
Breusch and Pagan Lagrangian multiplier test for random effects | chibar2(01) = 499.87 |