EFF_value (1)

EFF_value (2)

EFF_value (3)

audit

0.062^***

0.065^***

0.060^***

(10.08)

(2.81)

(9.08)

Transparency

0.019^***

(3.34)

EPS

0.047^***

0.140^***

0.043^***

(8.61)

(9.55 )

(7.18)

LEV

0.161^***

0.007

0.178^***

(6.77)

(0.59)

(6.90)

Cash

−0.005

−0.403^***

−0.003

(−1.31)

(−4.52)

(−0.67)

SBS

0.011^**

0.021

0.012^**

(2.17)

(1.39)

(2.51)

Id

0.000

0.102

0.000

(0.74)

(1.27)

(0.61)

_cons

−0.634^***

2.012^***

−0.681^***

(0.000)

(0.000)

(0.000)

N

2969

2969

2507

industry

Yes

Yes

Yes

year

Yes

Yes

Yes

R²

0.326

0.091

0.320