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