Relationship between Financial Asset Allocation, Leverage Ratio, and Risk-Taking of Small- and Medium-Sized Enterprises in China: Taking Environment-Related Industries as an Example

Table 5

Robustness test to change the estimation method of risk-taking.

Variable	Risk2	Risk2	Lev	Lev	Risk2
	Model (2)	Model (3)	Model (4)	Model (5)	Model (7)
L. lev			0.8236 (0.012)	0.8137 (0.014)
L. Risk	0.1384 (0.043)	0.1431 (0.041)			0.1289 (0.040)
Lev					0.0816 (0.036)
Fin	0.2746 (0.126)		0.1062 (0.034)		0.2136 (0.095)
Fin^2		0.4513 (0.134)
Lev^2				0.7956 (0.023)
Size	−0.1186 (0.139)	−0.1231 (0.167)	−0.0265 (0.093)	−0.0289 (0.101)	−0.1023 (0.046)
Age	0.0162 (0.007)	0.0234 (0.011)	0.0017 (0.001)	0.0019 (0.003)	0.0022 (0.006)
Growth	0.1326 (0.062)	0.1452 (0.049)	0.0058 (0.007)	0.0062 (0.009)	0.0996 (0.052)
Roa	−0.0029 (0.002)	−0.0042 (0.003)	−0.00036 (0.000)	−0.00039 (0.001)	−0.0023 (0.002)
Gdp	0.0186 (0.006)	0.0192 (0.011)	−0.0042 (0.001)	−0.0046 (0.002)	0.0189 (0.007)
Social	0.0006 (0.000)	0.0009 (0.000)	0.0001 (0.000)	0.0003 (0.000)	0.0006 (0.000)
Constant term	2.2286 (0.796)	3.1256 (0.8023)	0.6439 (0.089)	0.7726 (0.093)	1.8865 (0.695)

Notes. Standard error in parentheses; , , mean significant at the level of 10%, 5%, and 1%, respectively.