Industries;"Dependent variable: long-term liabilities"
;"Average fixed effect";"Wald test p-value"
2012
Agriculture;0.09;–
"Construction; electric, gas, and sanitary";–0.02;0.27
"Manufacturing; vehicle trade";0.04;0.12
Mining;0.06;–
"Retail trade";–0.01;–
Transport;0.02;–
"Wholesale trade";0.01;–
2013
Agriculture;0.09;–
"Construction; electric, gas, and sanitary";–0.02;0.34–
"Retail trade";–0.01;–
Manufacturing;0.04;–
Mining;0.06;–
"Transport; wholesale trade";0.02;0.58
"Vehicle trade";0.05;–
2014
"Agriculture; mining";0.08;0.23
"Construction; electric, gas, and sanitary";–0.02;0.52
"Retail trade";–0.01;–
"Manufacturing; vehicle trade";0.04;0.1
"Transport; wholesale trade";0.02;0.86
2015
"Agriculture; vehicle trade";0.05;0.85
"Construction; retail trade; electric, gas, and sanitary";–0.02;0.13
Manufacturing;0.04;–
Mining;0.08;–
"Transport; wholesale trade";0.01;0.96