|
| (1) | (2) |
| Variables | Switch | Switch |
| Shop | −4.217*** | −5.339*** |
|
| (0.980) | (1.118) |
| Lntenure |
| −0.089*** |
|
|
| (0.022) |
| Shop_Lntenure |
| 1.484** |
|
|
| (0.730) |
| Lev | 0.454*** | 0.436*** |
|
| (0.132) | (0.131) |
| Roc | −0.167*** | −0.154*** |
|
| (0.049) | (0.049) |
| Ocf | −0.043 | −0.028 |
|
| (0.142) | (0.142) |
| Dirs | −0.253 | −0.215 |
|
| (0.160) | (0.160) |
| Lars | 0.149 | 0.151 |
|
| (0.117) | (0.116) |
| Big4 | 0.039 | 0.039 |
|
| (0.100) | (0.100) |
| Constant | −2.466*** | −2.383*** |
|
| (0.187) | (0.189) |
| N | 20351 | 20351 |
| Wald chi2 | 820.89 | 833.85 |
| Pseudo R2 | 0.0553 | 0.0565 |
| Industry | 控制 | 控制 |
| Year | 控制 | 控制 |