Table 3 Open in new tab The decision to...

	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E
SIZE	0.286***	0.037	0.289***	0.038	0.280***	0.036	0.183***	0.014	0.279***	0.036	0.259***	0.035
	(25.40)		(25.42)		(24.74)		(16.85)		(24.61)		(21.95)
GROWTH	0.060**	0.008	0.068**	0.009	0.053*	0.007	0.201***	0.015	0.052*	0.007	0.053*	0.007
	(2.04)		(2.25)		(1.77)		(4.18)		(1.72)		(1.68)
YEARS	−0.003	−0.0003	−0.003	−0.0004	−0.003	−0.0001	−0.003	−0.0002	−0.003	−0.0002	−0.004	−0.001
	(-1.14)		(−1.32)		(−1.16)		(−0.10)		(−0.99)		(−1.37)
LEVER	0.685***	0.089	0.639***	0.083	1.727***	0.220	2.328***	0.180	1.712***	0.218	1.753***	0.237
	(13.49)		(13.84)		(11.94)		(12.94)		(11.89)		(11.42)
PROF	0.504***	0.066			0.435***	0.055	0.484***	0.037	0.438***	0.056	0.388***	0.052
	(4.76)				(3.98)		(3.07)		(3.99)		(3.46)
LIQUID	−0.032	−0.004	−0.015	−0.002	0.831***	0.106	0.839***	0.065	0.827***	0.105	0.824***	0.111
	(-0.51)		(−0.23)		(3.59)		(2.85)		(3.57)		(3.36)
COLL	0.631***	0.082	0.656***	0.086	0.536***	0.068	0.391	0.030	0.530***	0.068	0.416**	0.056
	(3.30)		(3.43)		(2.74)		(1.61)		(2.71)		(2.03)
CF			0.309***	0.040
			(4.76)
LEV²					−1.061***	−0.135	−1.328***	−0.102	−1.050***	−0.134	−1.097***	−0.148
					(−6.78)		(−7.06)		(−6.75)		(−6.65)
LIQUID²					−0.877***	−0.112	−1.219***	−0.094	−0.874***	−0.111	−0.955***	−0.129
					(−3.65)		(−3.95)		(−3.63)		(−3.77)
LCY									0.005**	0.001
									(2.44)
TRVOL											−0.0001	−0.00001
											(−0.42)
CHdum	0.399***	0.065	0.439***	0.074	0.384***	0.061	0.234***	0.017	0.428***	0.070	0.305***	0.049
	(5.98)		(6.52)		(5.67)		(2.80)		(6.19)		(4.16)
HKdum	0.269***	0.041	0.280***	0.043	0.299***	0.046	0.232**	0.017	0.377***	0.061	0.198**	0.030
	(3.16)		(3.26)		(3.52)		(2.14)		(4.19)		(2.12)
IDdum	−0.640***	−0.056	−0.637***	−0.056	−0.589***	−0.052	−0.833***	−0.026	−0.405***	−0.040	−0.603***	−0.057
	(-12.77)		(−12.55)		(−11.70)		(−13.07)		(−4.40)		(−9.85)
MYdum	1.347***	0.286	1.368***	0.291	1.331***	0.277	1.283***	0.154	1.303***	0.269	1.170***	0.232
	(15.87)		(16.02)		(15.60)		(12.39)		(15.07)		(12.38)
PHdum	0.488***	0.087	0.512***	0.093	0.486***	0.085	0.352***	0.029	0.667***	0.130	0.417***	0.075
	(6.60)		(6.86)		(6.54)		(3.80)		(6.38)		(3.60)
SGdum	1.268***	0.299	1.293***	0.307	1.248***	0.288	1.590***	0.270	1.401***	0.340	1.225***	0.319
	(13.97)		(14.17)		(13.67)		(14.47)		(12.84)		(10.80)
THdum	0.733***	0.141	0.746***	0.145	0.734***	0.139	0.825***	0.091	0.848***	0.170	0.632***	0.118
	(10.82)		(10.91)		(10.76)		(10.09)		(10.46)		(8.00)
TWdum	3.376***	0.908	3.427***	0.913	3.239***	0.894	4.379***	0.971	3.125***	0.880	2.929***	0.851
	(13.18)		(13.34)		(12.54)		(16.23)		(11.91)		(10.52)
Observations	28,887		28,297		28,887		25,994		28,887		25,047
Number of firms	4,090		4,073		4,090		3,936		4,090		3,977
Pseudo- R²	0.19		0.19		0.20		0.23		0.20		0.19

Coef.

M.E

Coef.

M.E

Coef.

M.E

Coef.

M.E

Coef.

M.E

Coef.

M.E

SIZE

0.286***

0.037

0.289***

0.038

0.280***

0.036

0.183***

0.014

0.279***

0.036

0.259***

0.035

(25.40)

(25.42)

(24.74)

(16.85)

(24.61)

(21.95)

GROWTH

0.060**

0.008

0.068**

0.009

0.053*

0.007

0.201***

0.015

0.052*

0.007

0.053*

0.007

(2.04)

(2.25)

(1.77)

(4.18)

(1.72)

(1.68)

YEARS

−0.003

−0.0003

−0.003

−0.0004

−0.003

−0.0001

−0.003

−0.0002

−0.003

−0.0002

−0.004

−0.001

(-1.14)

(−1.32)

(−1.16)

(−0.10)

(−0.99)

(−1.37)

LEVER

0.685***

0.089

0.639***

0.083

1.727***

0.220

2.328***

0.180

1.712***

0.218

1.753***

0.237

(13.49)

(13.84)

(11.94)

(12.94)

(11.89)

(11.42)

PROF

0.504***

0.066

0.435***

0.055

0.484***

0.037

0.438***

0.056

0.388***

0.052

(4.76)

(3.98)

(3.07)

(3.99)

(3.46)

LIQUID

−0.032

−0.004

−0.015

−0.002

0.831***

0.106

0.839***

0.065

0.827***

0.105

0.824***

0.111

(-0.51)

(−0.23)

(3.59)

(2.85)

(3.57)

(3.36)

COLL

0.631***

0.082

0.656***

0.086

0.536***

0.068

0.391

0.030

0.530***

0.068

0.416**

0.056

(3.30)

(3.43)

(2.74)

(1.61)

(2.71)

(2.03)

0.309***

0.040

(4.76)

LEV²

−1.061***

−0.135

−1.328***

−0.102

−1.050***

−0.134

−1.097***

−0.148

(−6.78)

(−7.06)

(−6.75)

(−6.65)

LIQUID²

−0.877***

−0.112

−1.219***

−0.094

−0.874***

−0.111

−0.955***

−0.129

(−3.65)

(−3.95)

(−3.63)

(−3.77)

LCY

0.005**

0.001

(2.44)

TRVOL

−0.0001

−0.00001

(−0.42)

CHdum

0.399***

0.065

0.439***

0.074

0.384***

0.061

0.234***

0.017

0.428***

0.070

0.305***

0.049

(5.98)

(6.52)

(5.67)

(2.80)

(6.19)

(4.16)

HKdum

0.269***

0.041

0.280***

0.043

0.299***

0.046

0.232**

0.017

0.377***

0.061

0.198**

0.030

(3.16)

(3.26)

(3.52)

(2.14)

(4.19)

(2.12)

IDdum

−0.640***

−0.056

−0.637***

−0.056

−0.589***

−0.052

−0.833***

−0.026

−0.405***

−0.040

−0.603***

−0.057

(-12.77)

(−12.55)

(−11.70)

(−13.07)

(−4.40)

(−9.85)

MYdum

1.347***

0.286

1.368***

0.291

1.331***

0.277

1.283***

0.154

1.303***

0.269

1.170***

0.232

(15.87)

(16.02)

(15.60)

(12.39)

(15.07)

(12.38)

PHdum

0.488***

0.087

0.512***

0.093

0.486***

0.085

0.352***

0.029

0.667***

0.130

0.417***

0.075

(6.60)

(6.86)

(6.54)

(3.80)

(6.38)

(3.60)

SGdum

1.268***

0.299

1.293***

0.307

1.248***

0.288

1.590***

0.270

1.401***

0.340

1.225***

0.319

(13.97)

(14.17)

(13.67)

(14.47)

(12.84)

(10.80)

THdum

0.733***

0.141

0.746***

0.145

0.734***

0.139

0.825***

0.091

0.848***

0.170

0.632***

0.118

(10.82)

(10.91)

(10.76)

(10.09)

(10.46)

(8.00)

TWdum

3.376***

0.908

3.427***

0.913

3.239***

0.894

4.379***

0.971

3.125***

0.880

2.929***

0.851

(13.18)

(13.34)

(12.54)

(16.23)

(11.91)

(10.52)

Observations

28,887

28,297

28,887

25,994

28,887

25,047

Number of firms

4,090

4,073

4,090

3,936

4,090

3,977

Pseudo- R²

0.19

0.20

0.23

0.20

0.19

	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E
SIZE	0.286***	0.037	0.289***	0.038	0.280***	0.036	0.183***	0.014	0.279***	0.036	0.259***	0.035
	(25.40)		(25.42)		(24.74)		(16.85)		(24.61)		(21.95)
GROWTH	0.060**	0.008	0.068**	0.009	0.053*	0.007	0.201***	0.015	0.052*	0.007	0.053*	0.007
	(2.04)		(2.25)		(1.77)		(4.18)		(1.72)		(1.68)
YEARS	−0.003	−0.0003	−0.003	−0.0004	−0.003	−0.0001	−0.003	−0.0002	−0.003	−0.0002	−0.004	−0.001
	(-1.14)		(−1.32)		(−1.16)		(−0.10)		(−0.99)		(−1.37)
LEVER	0.685***	0.089	0.639***	0.083	1.727***	0.220	2.328***	0.180	1.712***	0.218	1.753***	0.237
	(13.49)		(13.84)		(11.94)		(12.94)		(11.89)		(11.42)
PROF	0.504***	0.066			0.435***	0.055	0.484***	0.037	0.438***	0.056	0.388***	0.052
	(4.76)				(3.98)		(3.07)		(3.99)		(3.46)
LIQUID	−0.032	−0.004	−0.015	−0.002	0.831***	0.106	0.839***	0.065	0.827***	0.105	0.824***	0.111
	(-0.51)		(−0.23)		(3.59)		(2.85)		(3.57)		(3.36)
COLL	0.631***	0.082	0.656***	0.086	0.536***	0.068	0.391	0.030	0.530***	0.068	0.416**	0.056
	(3.30)		(3.43)		(2.74)		(1.61)		(2.71)		(2.03)
CF			0.309***	0.040
			(4.76)
LEV²					−1.061***	−0.135	−1.328***	−0.102	−1.050***	−0.134	−1.097***	−0.148
					(−6.78)		(−7.06)		(−6.75)		(−6.65)
LIQUID²					−0.877***	−0.112	−1.219***	−0.094	−0.874***	−0.111	−0.955***	−0.129
					(−3.65)		(−3.95)		(−3.63)		(−3.77)
LCY									0.005**	0.001
									(2.44)
TRVOL											−0.0001	−0.00001
											(−0.42)
CHdum	0.399***	0.065	0.439***	0.074	0.384***	0.061	0.234***	0.017	0.428***	0.070	0.305***	0.049
	(5.98)		(6.52)		(5.67)		(2.80)		(6.19)		(4.16)
HKdum	0.269***	0.041	0.280***	0.043	0.299***	0.046	0.232**	0.017	0.377***	0.061	0.198**	0.030
	(3.16)		(3.26)		(3.52)		(2.14)		(4.19)		(2.12)
IDdum	−0.640***	−0.056	−0.637***	−0.056	−0.589***	−0.052	−0.833***	−0.026	−0.405***	−0.040	−0.603***	−0.057
	(-12.77)		(−12.55)		(−11.70)		(−13.07)		(−4.40)		(−9.85)
MYdum	1.347***	0.286	1.368***	0.291	1.331***	0.277	1.283***	0.154	1.303***	0.269	1.170***	0.232
	(15.87)		(16.02)		(15.60)		(12.39)		(15.07)		(12.38)
PHdum	0.488***	0.087	0.512***	0.093	0.486***	0.085	0.352***	0.029	0.667***	0.130	0.417***	0.075
	(6.60)		(6.86)		(6.54)		(3.80)		(6.38)		(3.60)
SGdum	1.268***	0.299	1.293***	0.307	1.248***	0.288	1.590***	0.270	1.401***	0.340	1.225***	0.319
	(13.97)		(14.17)		(13.67)		(14.47)		(12.84)		(10.80)
THdum	0.733***	0.141	0.746***	0.145	0.734***	0.139	0.825***	0.091	0.848***	0.170	0.632***	0.118
	(10.82)		(10.91)		(10.76)		(10.09)		(10.46)		(8.00)
TWdum	3.376***	0.908	3.427***	0.913	3.239***	0.894	4.379***	0.971	3.125***	0.880	2.929***	0.851
	(13.18)		(13.34)		(12.54)		(16.23)		(11.91)		(10.52)
Observations	28,887		28,297		28,887		25,994		28,887		25,047
Number of firms	4,090		4,073		4,090		3,936		4,090		3,977
Pseudo- R²	0.19		0.19		0.20		0.23		0.20		0.19

Coef.

M.E

Coef.

M.E

Coef.

M.E

Coef.

M.E

Coef.

M.E

Coef.

M.E

SIZE

0.286***

0.037

0.289***

0.038

0.280***

0.036

0.183***

0.014

0.279***

0.036

0.259***

0.035

(25.40)

(25.42)

(24.74)

(16.85)

(24.61)

(21.95)

GROWTH

0.060**

0.008

0.068**

0.009

0.053*

0.007

0.201***

0.015

0.052*

0.007

0.053*

0.007

(2.04)

(2.25)

(1.77)

(4.18)

(1.72)

(1.68)

YEARS

−0.003

−0.0003

−0.003

−0.0004

−0.003

−0.0001

−0.003

−0.0002

−0.003

−0.0002

−0.004

−0.001

(-1.14)

(−1.32)

(−1.16)

(−0.10)

(−0.99)

(−1.37)

LEVER

0.685***

0.089

0.639***

0.083

1.727***

0.220

2.328***

0.180

1.712***

0.218

1.753***

0.237

(13.49)

(13.84)

(11.94)

(12.94)

(11.89)

(11.42)

PROF

0.504***

0.066

0.435***

0.055

0.484***

0.037

0.438***

0.056

0.388***

0.052

(4.76)

(3.98)

(3.07)

(3.99)

(3.46)

LIQUID

−0.032

−0.004

−0.015

−0.002

0.831***

0.106

0.839***

0.065

0.827***

0.105

0.824***

0.111

(-0.51)

(−0.23)

(3.59)

(2.85)

(3.57)

(3.36)

COLL

0.631***

0.082

0.656***

0.086

0.536***

0.068

0.391

0.030

0.530***

0.068

0.416**

0.056

(3.30)

(3.43)

(2.74)

(1.61)

(2.71)

(2.03)

0.309***

0.040

(4.76)

LEV²

−1.061***

−0.135

−1.328***

−0.102

−1.050***

−0.134

−1.097***

−0.148

(−6.78)

(−7.06)

(−6.75)

(−6.65)

LIQUID²

−0.877***

−0.112

−1.219***

−0.094

−0.874***

−0.111

−0.955***

−0.129

(−3.65)

(−3.95)

(−3.63)

(−3.77)

LCY

0.005**

0.001

(2.44)

TRVOL

−0.0001

−0.00001

(−0.42)

CHdum

0.399***

0.065

0.439***

0.074

0.384***

0.061

0.234***

0.017

0.428***

0.070

0.305***

0.049

(5.98)

(6.52)

(5.67)

(2.80)

(6.19)

(4.16)

HKdum

0.269***

0.041

0.280***

0.043

0.299***

0.046

0.232**

0.017

0.377***

0.061

0.198**

0.030

(3.16)

(3.26)

(3.52)

(2.14)

(4.19)

(2.12)

IDdum

−0.640***

−0.056

−0.637***

−0.056

−0.589***

−0.052

−0.833***

−0.026

−0.405***

−0.040

−0.603***

−0.057

(-12.77)

(−12.55)

(−11.70)

(−13.07)

(−4.40)

(−9.85)

MYdum

1.347***

0.286

1.368***

0.291

1.331***

0.277

1.283***

0.154

1.303***

0.269

1.170***

0.232

(15.87)

(16.02)

(15.60)

(12.39)

(15.07)

(12.38)

PHdum

0.488***

0.087

0.512***

0.093

0.486***

0.085

0.352***

0.029

0.667***

0.130

0.417***

0.075

(6.60)

(6.86)

(6.54)

(3.80)

(6.38)

(3.60)

SGdum

1.268***

0.299

1.293***

0.307

1.248***

0.288

1.590***

0.270

1.401***

0.340

1.225***

0.319

(13.97)

(14.17)

(13.67)

(14.47)

(12.84)

(10.80)

THdum

0.733***

0.141

0.746***

0.145

0.734***

0.139

0.825***

0.091

0.848***

0.170

0.632***

0.118

(10.82)

(10.91)

(10.76)

(10.09)

(10.46)

(8.00)

TWdum

3.376***

0.908

3.427***

0.913

3.239***

0.894

4.379***

0.971

3.125***

0.880

2.929***

0.851

(13.18)

(13.34)

(12.54)

(16.23)

(11.91)

(10.52)

Observations

28,887

28,297

28,887

25,994

28,887

25,047

Number of firms

4,090

4,073

4,090

3,936

4,090

3,977

Pseudo- R²

0.19

0.20

0.23

0.20

0.19

Table 3

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The decision to issue

	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E
	1	2	3	4	5	6	7	8	9	10	11	12
SIZE	0.286***	0.037	0.289***	0.038	0.280***	0.036	0.183***	0.014	0.279***	0.036	0.259***	0.035
	(25.40)		(25.42)		(24.74)		(16.85)		(24.61)		(21.95)
GROWTH	0.060**	0.008	0.068**	0.009	0.053*	0.007	0.201***	0.015	0.052*	0.007	0.053*	0.007
	(2.04)		(2.25)		(1.77)		(4.18)		(1.72)		(1.68)
YEARS	−0.003	−0.0003	−0.003	−0.0004	−0.003	−0.0001	−0.003	−0.0002	−0.003	−0.0002	−0.004	−0.001
	(-1.14)		(−1.32)		(−1.16)		(−0.10)		(−0.99)		(−1.37)
LEVER	0.685***	0.089	0.639***	0.083	1.727***	0.220	2.328***	0.180	1.712***	0.218	1.753***	0.237
	(13.49)		(13.84)		(11.94)		(12.94)		(11.89)		(11.42)
PROF	0.504***	0.066			0.435***	0.055	0.484***	0.037	0.438***	0.056	0.388***	0.052
	(4.76)				(3.98)		(3.07)		(3.99)		(3.46)
LIQUID	−0.032	−0.004	−0.015	−0.002	0.831***	0.106	0.839***	0.065	0.827***	0.105	0.824***	0.111
	(-0.51)		(−0.23)		(3.59)		(2.85)		(3.57)		(3.36)
COLL	0.631***	0.082	0.656***	0.086	0.536***	0.068	0.391	0.030	0.530***	0.068	0.416**	0.056
	(3.30)		(3.43)		(2.74)		(1.61)		(2.71)		(2.03)
CF			0.309***	0.040
			(4.76)
LEV²					−1.061***	−0.135	−1.328***	−0.102	−1.050***	−0.134	−1.097***	−0.148
					(−6.78)		(−7.06)		(−6.75)		(−6.65)
LIQUID²					−0.877***	−0.112	−1.219***	−0.094	−0.874***	−0.111	−0.955***	−0.129
					(−3.65)		(−3.95)		(−3.63)		(−3.77)
LCY									0.005**	0.001
									(2.44)
TRVOL											−0.0001	−0.00001
											(−0.42)
CHdum	0.399***	0.065	0.439***	0.074	0.384***	0.061	0.234***	0.017	0.428***	0.070	0.305***	0.049
	(5.98)		(6.52)		(5.67)		(2.80)		(6.19)		(4.16)
HKdum	0.269***	0.041	0.280***	0.043	0.299***	0.046	0.232**	0.017	0.377***	0.061	0.198**	0.030
	(3.16)		(3.26)		(3.52)		(2.14)		(4.19)		(2.12)
IDdum	−0.640***	−0.056	−0.637***	−0.056	−0.589***	−0.052	−0.833***	−0.026	−0.405***	−0.040	−0.603***	−0.057
	(-12.77)		(−12.55)		(−11.70)		(−13.07)		(−4.40)		(−9.85)
MYdum	1.347***	0.286	1.368***	0.291	1.331***	0.277	1.283***	0.154	1.303***	0.269	1.170***	0.232
	(15.87)		(16.02)		(15.60)		(12.39)		(15.07)		(12.38)
PHdum	0.488***	0.087	0.512***	0.093	0.486***	0.085	0.352***	0.029	0.667***	0.130	0.417***	0.075
	(6.60)		(6.86)		(6.54)		(3.80)		(6.38)		(3.60)
SGdum	1.268***	0.299	1.293***	0.307	1.248***	0.288	1.590***	0.270	1.401***	0.340	1.225***	0.319
	(13.97)		(14.17)		(13.67)		(14.47)		(12.84)		(10.80)
THdum	0.733***	0.141	0.746***	0.145	0.734***	0.139	0.825***	0.091	0.848***	0.170	0.632***	0.118
	(10.82)		(10.91)		(10.76)		(10.09)		(10.46)		(8.00)
TWdum	3.376***	0.908	3.427***	0.913	3.239***	0.894	4.379***	0.971	3.125***	0.880	2.929***	0.851
	(13.18)		(13.34)		(12.54)		(16.23)		(11.91)		(10.52)
Observations	28,887		28,297		28,887		25,994		28,887		25,047
Number of firms	4,090		4,073		4,090		3,936		4,090		3,977
Pseudo- R²	0.19		0.19		0.20		0.23		0.20		0.19

	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E	Coef.	M.E
	1	2	3	4	5	6	7	8	9	10	11	12
SIZE	0.286***	0.037	0.289***	0.038	0.280***	0.036	0.183***	0.014	0.279***	0.036	0.259***	0.035
	(25.40)		(25.42)		(24.74)		(16.85)		(24.61)		(21.95)
GROWTH	0.060**	0.008	0.068**	0.009	0.053*	0.007	0.201***	0.015	0.052*	0.007	0.053*	0.007
	(2.04)		(2.25)		(1.77)		(4.18)		(1.72)		(1.68)
YEARS	−0.003	−0.0003	−0.003	−0.0004	−0.003	−0.0001	−0.003	−0.0002	−0.003	−0.0002	−0.004	−0.001
	(-1.14)		(−1.32)		(−1.16)		(−0.10)		(−0.99)		(−1.37)
LEVER	0.685***	0.089	0.639***	0.083	1.727***	0.220	2.328***	0.180	1.712***	0.218	1.753***	0.237
	(13.49)		(13.84)		(11.94)		(12.94)		(11.89)		(11.42)
PROF	0.504***	0.066			0.435***	0.055	0.484***	0.037	0.438***	0.056	0.388***	0.052
	(4.76)				(3.98)		(3.07)		(3.99)		(3.46)
LIQUID	−0.032	−0.004	−0.015	−0.002	0.831***	0.106	0.839***	0.065	0.827***	0.105	0.824***	0.111
	(-0.51)		(−0.23)		(3.59)		(2.85)		(3.57)		(3.36)
COLL	0.631***	0.082	0.656***	0.086	0.536***	0.068	0.391	0.030	0.530***	0.068	0.416**	0.056
	(3.30)		(3.43)		(2.74)		(1.61)		(2.71)		(2.03)
CF			0.309***	0.040
			(4.76)
LEV²					−1.061***	−0.135	−1.328***	−0.102	−1.050***	−0.134	−1.097***	−0.148
					(−6.78)		(−7.06)		(−6.75)		(−6.65)
LIQUID²					−0.877***	−0.112	−1.219***	−0.094	−0.874***	−0.111	−0.955***	−0.129
					(−3.65)		(−3.95)		(−3.63)		(−3.77)
LCY									0.005**	0.001
									(2.44)
TRVOL											−0.0001	−0.00001
											(−0.42)
CHdum	0.399***	0.065	0.439***	0.074	0.384***	0.061	0.234***	0.017	0.428***	0.070	0.305***	0.049
	(5.98)		(6.52)		(5.67)		(2.80)		(6.19)		(4.16)
HKdum	0.269***	0.041	0.280***	0.043	0.299***	0.046	0.232**	0.017	0.377***	0.061	0.198**	0.030
	(3.16)		(3.26)		(3.52)		(2.14)		(4.19)		(2.12)
IDdum	−0.640***	−0.056	−0.637***	−0.056	−0.589***	−0.052	−0.833***	−0.026	−0.405***	−0.040	−0.603***	−0.057
	(-12.77)		(−12.55)		(−11.70)		(−13.07)		(−4.40)		(−9.85)
MYdum	1.347***	0.286	1.368***	0.291	1.331***	0.277	1.283***	0.154	1.303***	0.269	1.170***	0.232
	(15.87)		(16.02)		(15.60)		(12.39)		(15.07)		(12.38)
PHdum	0.488***	0.087	0.512***	0.093	0.486***	0.085	0.352***	0.029	0.667***	0.130	0.417***	0.075
	(6.60)		(6.86)		(6.54)		(3.80)		(6.38)		(3.60)
SGdum	1.268***	0.299	1.293***	0.307	1.248***	0.288	1.590***	0.270	1.401***	0.340	1.225***	0.319
	(13.97)		(14.17)		(13.67)		(14.47)		(12.84)		(10.80)
THdum	0.733***	0.141	0.746***	0.145	0.734***	0.139	0.825***	0.091	0.848***	0.170	0.632***	0.118
	(10.82)		(10.91)		(10.76)		(10.09)		(10.46)		(8.00)
TWdum	3.376***	0.908	3.427***	0.913	3.239***	0.894	4.379***	0.971	3.125***	0.880	2.929***	0.851
	(13.18)		(13.34)		(12.54)		(16.23)		(11.91)		(10.52)
Observations	28,887		28,297		28,887		25,994		28,887		25,047
Number of firms	4,090		4,073		4,090		3,936		4,090		3,977
Pseudo- R²	0.19		0.19		0.20		0.23		0.20		0.19

Notes : The estimates were obtained using a probit model. Columns 2, 4, 6, 8, 10, and 12 report the marginal effects evaluated at covariate means. The dependent variable is a dummy equal to one if the firm is a bond issuer, and zero otherwise. Robust z-statistics in parentheses. All firm-specific variables are lagged one period. Time, industry and country dummies are included in the models.

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