Hypothesis Test result Relationship to STD Relationship to LTD
H1a Rejected Size is positively related to STD
H1b Rejected Size is negatively related to LTD
H2a Supported Age is negatively related to STD
H2b Rejected Age is not related to LTD
H3a Supported Growth is positively related to
STD
H3b Supported Growth is positively related to LTD
H4a Supported Profitability is negatively related
to STD
H4b Supported Profitability is negatively related to
LTD
H5a Supported Liquidity is negatively related to
STD
H5b Supported Liquidity is negatively related to LTD
H6a Supported Asset tangibility is negatively
related to STD
H6b Supported Asset tangibility is positively related to
LTD
H7a Rejected Use of non-debt tax shields is not
related to STD
H7b Supported Use of non-debt tax shields is negatively
related to LTD
H8a Supported Industry is related to STD
H8b Supported Industry is related to LTD
Note: The hypotheses are rejected if they are rejected by one of the models (OLS or fixed effects)