Anon

tab

Le 7.3

Estimated Parameters by Quantiles to Determine the Capital Structure of Petroleum

Q(0.10)

Q(0.20)

Q(0.30)

Q(0.40)

Q(0.50)

Q(0.60)

Q(0.70)

Q(0.80)

Q(0.90)

Constant

0.00

0.01

0.03

0.06

0.22

0.32

0.45

0.49

0.50

0.01

0.22

0.35

0.67

2.21

3.34

4.96

5.39

6.77

Free Cash Flow

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1.82

1.60

1.40

1.18

1.60

1.08

0.69

−0.13

−0.59

Fixed Assets/Total Assets

0.14

0.32

0.49

0.58

0.72

0.67

0.59

0.59

0.62

1.55

3.37

4.24

4.01

6.06

6.16

5.51

5.50

7.06

log(Market Cap)

−0.01

−0.03

−0.04

−0.05

−0.08

−0.07

−0.07

−0.07

−0.07

−1.02

−2.06

−2.71

−2.44

−8.93

−9.73

−10.89

−10.38

−11.66

Q

(Leverage Ratio) τ

= Free cash flow

+ (Fixed Assets/Total Assets)

+ log(Market Cap).

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