| VARIABLES | (1) IC | (2) IC |
| Tie | 0.108** | 0.096** |
|
| (2.14) | (1.98) |
| Plural |
| 0.006 |
|
|
| (1.58) |
| Degree |
| −0.004 |
|
|
| (−0.13) |
| Size |
| −0.070** |
|
|
| (−2.43) |
| Lev |
| 0.022 |
|
|
| (0.72) |
| Cash |
| 0.129*** |
|
|
| (4.27) |
| Big4 |
| 0.416*** |
|
|
| (3.29) |
| Growth |
| 0.012 |
|
|
| (1.15) |
| ROA |
| 3.373*** |
|
|
| (15.71) |
| SOE |
| 0.243*** |
|
|
| (4.48) |
| TobinQ |
| −0.036** |
|
|
| (−2.28) |
| Age |
| −0.012*** |
|
|
| (−2.85) |
| Ind | YES | YES |
| Year | YES | YES |
| Constant | 6.023*** | 4.843*** |
|
| (169.83) | (27.12) |
| Observations | 4423 | 4423 |
| R-squared | 0.061 | 0.083 |