Roe

1.361^***

0.43

0.892

−0.466

[3.319]

[0.522]

[1.606]

[−0.797]

Lev

−0.993^***

−1.425^***

−1.638^***

−0.683^**

[−4.744]

[−3.166]

[−5.263]

[−2.352]

Big4

0.0819^**

0.209^**

0.0277

0.0423

[1.968]

[1.974]

[0.507]

[0.760]

Amount

0.144^***

0.0545

0.126^***

0.179^***

[4.341]

[0.707]

[3.141]

[4.129]

_cons

−6.522^***

−5.580^***

−7.818^***

−3.994^***

[−12.007]

[−4.891]

[−10.512]

[−5.829]

Year

控制

控制

控制

控制

Industry

控制

控制

控制

控制

adj.R²

0.528

0.451

0.553

0.439

N

745

233

436

435