RDP 9313: The Determinants of Corporate Leverage: A Panel Data Analysis
Equation (3)
T
i
t
=
{
τ
C
0
(
Y
i
t
−
I
i
t
−
S
i
t
)
i
f
Y
i
t
−
I
i
t
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S
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t
>
0
i
f
Y
i
t
−
I
i
t
−
S
i
t
≤
0
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