(1)

(2)

Variables

DA

Switch

Shop

−1.029^***

(0.358)

Lntenure

−5.640^***

(1.099)

Shop_Lntenure

−0.001^***

−0.088^***

(0.000)

(0.022)

Lev

1.433^**

(0.709)

Roc

0.025^***

0.408^***

(0.003)

(0.131)

Ocf

−0.006^***

−0.150^***

(0.001)

(0.048)

Dirs

−0.028^***

−0.005

(0.003)

(0.141)

Lars

0.011^***

−0.236

(0.003)

(0.160)

Big4

−0.004^*

0.147

(0.002)

(0.116)

Constant

−0.003

0.040

(0.003)

(0.100)

N

0.089^***

−2.439^***

Wald chi2

(0.006)

(0.191)

Pseudo R2

23953

20351

Industry

25.360

838.730

Year

0.0514

0.0571