EFF_value (1)

EFF_value (2)

audit

0.062***

0.039**

(10.08)

(2.47)

EPS

0.047***

0.030***

(8.61)

(3.41)

LEV

0.161***

0.128***

(6.77)

(2.59)

Cash

−0.005

−0.005

(−1.31)

(−0.74)

SBS

0.011**

−0.018

(2.17)

(−1.39)

Id

0.000

0.002*

(0.74)

(1.78)

_cons

−0.634***

−0.245

(0.000)

−0.99

N

2969

2969

firm

NO

Yes

industry

Yes

Yes

year

Yes

Yes

R2

0.326

0.162