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Financial Innovation

Table 14 First stage of the Heckman two-step procedure

From: Bank loan information and information asymmetry in the stock market: evidence from China

Variables

Probit regression

loan

Intercept

\(-\) 0.5658***

(\(-\) 3.79)

Asset

0.0446

(0.46)

ROA

0.0132***

(7.98)

BTM

1.2497***

(25.80)

Leverage

2.4251***

(51.71)

Z-Score

0.4759***

(3.34)

TAN

\(-\) 0.0313***

(− 24.51)

Year-fixed effect

Yes

Industry-fixed effect

Yes

Pseudo \(R^2\)

0.2022

Obs.

40848

  1. This table reports the results of the first stage of the Heckman two-step procedure estimated by a Probit regression. The independent variables are Asset, ROA, BTM, Leverage, Z-Score, TAN (Graham et al. 2008). Symbols *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively
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