Variable

(1)

(2)

(3)

(4)

ols

fe

weight!=.

on_support

MA

MA

MA

MA

Audit

0.0036

0.0012

−0.0026

0.0001

(0.6436)

(0.2318)

(−0.4343)

(0.0132)

Postaudit

0.1067^***

0.1233^***

0.1161^***

0.1269^***

(2.8520)

(3.9493)

(3.2718)

(4.0605)

ICQ

0.0003^***

0.0003^***

0.0003^***

0.0003^***

(16.2394)

(19.9712)

(11.6579)

(19.9105)

Postaudit × ICQ

−0.0001^*

−0.0001^***

−0.0001^**

−0.0002^***

(−1.9307)

(−3.2390)

(−2.5477)

(−3.3339)

Lnasset

−0.0134^***

−0.0211^***

−0.0274^***

−0.0210^***

(−9.6586)

(−16.2309)

(−13.2154)

(−16.0542)

Lev

0.0619^***

0.0118^*

0.0333^***

0.0128^*

(7.8664)

(1.6609)

(2.6255)

(1.7911)

Growth

0.0045^***

−0.0000

−0.0012

−0.0002

(4.2341)

(−0.0117)

(−0.7249)

(−0.1839)

Dual

−0.0011

0.0035

0.0149^**

0.0033

(−0.3385)

(1.3340)

(2.0681)

(1.2293)

Balance

0.0062^***

−0.0048^***

−0.0136^***

−0.0056^***

(3.2614)

(−3.0093)

(−3.4532)

(−3.2326)

Boardsize

−0.0145^*

0.0068

0.0195

0.0079

(−1.9370)

(1.0619)

(1.6240)

(1.2091)

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

0.0231

0.3279

0.3201

0.3275