Optimal Capital Structure

Maitena Pineiro, April 2022

Adding more variables to F&R 2006

lm1=plm(MDR_lead~MDR+EBIT_TA+MB+DEP_TA+FA_TA+lnTAcpi+IndMed,index="pid",model="within",data=regdtc)
lm2=plm(MDR_lead~MDR+IndMed,index="pid",model="within",data=regdtc)
lm3=plm(MDR_lead~MDR+EBIT_TA+MB+DEP_TA+FA_TA+lnTAcpi+IndMed+Delta_EBIT_TA+Delta_lnTAcpi+Delta_lnSALEScpi,index="pid",model="within",data=regdtc)
lm4=plm(MDR_lead~MDR+EBIT_TA+lnTAcpi+IndMed+Delta_EBIT_TA+Delta_lnTAcpi+Delta_lnSALEScpi,index="pid",model="within",data=regdtc)

regdtc[,MDR_lag:=shift(MDR,n=1,type="lag"),by=pid]
regdtc[,Delta_lnTAcpiL1:=shift(Delta_lnTAcpi,n=1,type="lag")]
regdtc[,Delta_EBIT_TAL1:=shift(Delta_EBIT_TA,n=1,type="lag")]
regdtc[,Delta_lnSALEScpiL1:=shift(Delta_lnSALEScpi,n=1,type="lag")]

lm5=plm(MDR~MDR_lag+EBIT_TA+MB+DEP_TA+FA_TA+lnTAcpi+IndMed,index="pid",model="within",data=regdtc)
lm6=plm(MDR~EBIT_TA+MB+DEP_TA+FA_TA+lnTAcpi+IndMed,index="pid",model="within",data=regdtc)
lm7=plm(MDR~EBIT_TA+MB+DEP_TA+FA_TA+lnTAcpi+IndMed+Delta_lnTAcpiL1+Delta_EBIT_TAL1+Delta_lnSALEScpiL1,index="pid",model="within",data=regdtc)