Variable

(1)

(2)

(3)

(4)

ols

fe

weight!=.

on_support

MA

MA

MA

MA

Audit

0.0632^*

0.0225

−0.0168

0.0116

(1.7907)

(0.7024)

(−0.4301)

(0.3608)

Postaudit

0.1968^***

0.1713^***

0.2152^***

0.1753^***

(4.3489)

(4.2642)

(4.7324)

(4.3555)

Lnasset

−0.0205^**

−0.0484^***

−0.0582^***

−0.0455^***

(−2.4467)

(−6.1763)

(−4.8284)

(−5.7529)

Lev

0.2416^***

−0.0876^**

−0.0613

−0.0852^*

(4.9856)

(−1.9647)

(−0.7678)

(−1.8905)

Growth

0.0246^***

0.0016

−0.0035

0.0005

(3.7160)

(0.2633)

(−0.3378)

(0.0737)

Dual

−0.0093

0.0294^*

0.0889^*

0.0239

(−0.4665)

(1.7263)

(1.8905)

(1.3649)

Balance

0.0194

−0.0395^***

−0.0955^***

−0.0500^***

(1.6346)

(−3.8417)

(−3.7105)

(−4.4600)

Boardsize

−0.0312

0.0405

0.0961

0.0589

(−0.6629)

(0.9869)

(1.2300)

(1.3907)

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

0.0063

0.2789

0.2748

0.2780