EFF_value (1)

EFF_value (2)

EFF_value (3)

audit

0.062***

0.0485***

(10.08)

(6.49)

ownership

0.018**

−0.376***

(2.06)

(−2.80)

audit*ownership

0.028***

(2.92)

EPS

0.047***

0.055***

0.047***

(8.61)

(10.03)

(8.59)

LEV

0.161***

0.225***

0.158***

(6.77)

(9.50)

(6.55)

Cash

−0.005

−0.007*

−0.006

(−1.31)

(−1.74)

(−1.55)

SBS

0.011**

0.011**

0.009

(2.17)

(2.10)

(1.64)

Id

0.000

0.000

0.001

(0.74)

(0.20)

(0.82)

_cons

−0.634***

0.188***

−0.452***

(0.000)

(0.000)

(0.000)

N

2969

2969

2969

industry

Yes

Yes

Yes

year

Yes

Yes

Yes

R2

0.326

0.296

0.331