Variable

(1)

(2)

(3)

(4)

ols

fe

weight!=.

on_support

MA

MA

MA

MA

Audit

0.0131

0.0046

−0.0236

−0.0049

(0.3719)

(0.1460)

(−0.6105)

(−0.1527)

Postaudit

0.6633^***

0.7678^***

0.8253^***

0.7876^***

(2.8508)

(3.8638)

(3.6123)

(3.9549)

ICQ

0.0020^***

0.0021^***

0.0021^***

0.0021^***

(16.3041)

(19.0729)

(11.0175)

(18.8405)

Postaudit × ICQ

−0.0006^*

−0.0009^***

−0.0009^***

−0.0009^***

(−1.7600)

(−2.9582)

(−2.6880)

(−3.0340)

Lnasset

−0.0594^***

−0.1014^***

−0.1251^***

−0.0991^***

(−6.8822)

(−12.2727)

(−9.3615)

(−11.8657)

Lev

0.3933^***

0.1012^**

0.1663^**

0.1031^**

(8.0444)

(2.2410)

(2.0393)

(2.2584)

Growth

0.0228^***

−0.0013

−0.0081

−0.0023

(3.4725)

(−0.2119)

(−0.7927)

(−0.3754)

Dual

−0.0098

0.0238

0.0992^**

0.0198

(−0.5003)

(1.4140)

(2.1340)

(1.1426)

Balance

0.0263^**

−0.0378^***

−0.0907^***

−0.0464^***

(2.2424)

(−3.7180)

(−3.5653)

(−4.1879)

Boardsize

−0.0625

0.0433

0.1151

0.0598

(−1.3390)

(1.0658)

(1.4904)

(1.4300)

Ind

未固定

固定

固定

固定

Year

未固定

固定

固定

固定

n

15,655

15,655

5382

15,231

Adj. R²

0.0237

0.2957

0.2918

0.2949