VARIABLES

(1)

IC

(2)

IC

(3)

IC

(4)

IC

Tie

0.098^**

0.089^**

0.064

0.104^*

(2.301)

(2.143)

(1.124)

(1.822)

Plural

0.003

−0.002

0.006

(0.922)

(−0.462)

(1.324)

Degree

−0.011

0.029

−0.087^**

(−0.400)

(0.941)

(−1.970)

size

−0.028

−0.018

−0.044

(−1.150)

(−0.510)

(−1.310)

Lev

0.017

0.007

0.047

(0.663)

(0.233)

(0.992)

cash

0.073^***

0.046

0.094^***

(2.810)

(1.264)

(2.644)

Big4

0.215^**

0.250^*

0.201

(2.002)

(1.880)

(1.230)

Growth

0.014

0.004

0.029^*

(1.522)

(0.390)

(1.831)

ROA

2.445^***

2.292^***

2.459^***

(13.344)

(4.822)

(11.720)

SOE

0.141^***

(3.040)

TobinQ

−0.024^*

−0.007

−0.037^**

(−1.791)

(−0.311)

(−2.100)

Age

−0.007^**

0.001

−0.014^***

(−2.110)

(0.220)

(−2.832)

Ind

YES

YES

YES

YES

Year

YES

YES

YES

YES

Constant

6.078^***

5.198^***

5.668^***

5.127^***

(203.420)

(34.114)

(17.742)

(28.280)

Observations

4423

4423

1711

2712

R-squared

0.081

0.059

0.023

0.072