RDP 9313: The Determinants of Corporate Leverage: A Panel Data Analysis Equation (5)

E i t = { Y i t S i t = I i t + T i t τ C i f T i t > 0 0 i f T i t = 0 MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=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@5A61@