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Table 6 Multivariate probit Stocks Safe assets Housing Businesses Pension plans Consumer debt Coefficient S.E.
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With regard to long-term bank debt (column 4), the coefficient on ASY is negative and non-significant at conventional levels in a two-tail test, although the negative association between ASY and LNGBNK would be statistically significant at the 10% level in a one-tail test.
The fact that coefficients on debt are larger and more significant after the reform suggests that "simultaneous reimbursement" has not fully solved the issue of cash constraints and healthcare.
Columns (1) and (2) compare the coefficients obtained for debt issuances presented in Column (1) of Table 3 with the coefficients obtained for hybrid issuances presented in Column (2) of Table 3 respectively.
Column (1) and (3) compare the coefficients obtained for debt issuances and presented in Column (1) of Table 3 with the coefficients obtained for capital issuances presented in Column (3) of Table 3 respectively.
Lastly, the coefficient for the debt equation is negative and significant at the 1 % level.
The variable of the deficit of funding is not significant for both ratios of debt and aims a low coefficient inversely to the predictions of the theory of "pecking order" which attaches great importance to this variable.
However, in the four models of Table 2, the coefficients of debt-to-asset ratio show no statistical significance.
Thus, we define our second dependent variable PBLDBT as the ratio of public debt to total debt, and we expect a negative coefficient on ASY in the model of PBLDBT.
Related to the access to financial markets, we find a positive and significant coefficient on the variable ln Assets for debt and hybrid instruments.
In fact, the coefficient is equal to −0,026 for the ratio of total debt and equal also to −0,031 for debt ratio in the long term.
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