Variable

(1)

(2)

(3)

(4)

ols

fe

weight!=.

on_support

MA

MA

MA

MA

Audit

0.0117^**

0.0041

−0.0016

0.0028

(2.0592)

(0.8198)

(−0.2686)

(0.5601)

Postaudit

0.0255^***

0.0209^***

0.0261^***

0.0215^***

(3.5057)

(3.3003)

(3.6940)

(3.3926)

Lnasset

−0.0072^***

−0.0124^***

−0.0163^***

−0.0122^***

(−5.3583)

(−10.0391)

(−8.6869)

(−9.7961)

Lev

0.0376^***

−0.0192^***

−0.0046

−0.0183^***

(4.8283)

(−2.7389)

(−0.3699)

(−2.5888)

Growth

0.0048^***

0.0005

−0.0004

0.0003

(4.4696)

(0.4823)

(−0.2401)

(0.2874)

Dual

−0.0010

0.0044^*

0.0132^*

0.0040

(−0.3068)

(1.6594)

(1.8074)

(1.4610)

Balance

0.0050^***

−0.0051^***

−0.0144^***

−0.0062^***

(2.6495)

(−3.1460)

(−3.6061)

(−3.5292)

Boardsize

−0.0096

0.0063

0.0164

0.0078

(−1.2617)

(0.9798)

(1.3458)

(1.1700)

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

0.0059

0.3104

0.3016

0.3096