| (1) | (2) | (3) | (4) | |
| Psos | Psos | Pstl | Pstl | |
| Indep = 0 | Indep = 1 | Indep = 0 | Indep = 1 | |
| Investor | 0.047** | −0.297 | 0.045* | −0.336 |
| (1.98) | (−0.83) | (1.86) | (−0.95) | |
| Size | −0.001 | 0.065 | −0.002 | 0.085 |
| (−0.06) | (0.46) | (−0.11) | (0.54) | |
| Institution | −0.001 | −0.006 | −0.001 | −0.014 |
| (−0.54) | (−0.47) | (−0.51) | (−0.71) | |
| Lev | −0.042 | −1.697 | −0.057 | −1.656 |
| (−0.45) | (−1.26) | (−0.58) | (−1.15) | |
| ROA | 0.155 | −0.910 | 0.186 | −0.382 |
| (0.55) | (−0.51) | (0.70) | (−0.16) | |
| TOP1 | −0.001 | −0.005 | −0.002 | −0.005 |
| (−0.63) | (−0.91) | (−1.29) | (−0.58) | |
| SOE | 0.046* | 0.409 | 0.054** | 0.443 |
| (1.89) | (0.74) | (2.03) | (0.75) | |
| Big4 | −0.005 | −0.452 | −0.010 | −0.593 |
| (−0.13) | (−0.66) | (−0.26) | (−0.77) | |
| BoardNum | −0.009 | −0.049 | −0.011 | −0.044 |
| (−0.83) | (−0.59) | (−1.01) | (−0.54) | |
| Dual | 0.014 | 0.277 | 0.008 | 0.287 |
| (0.33) | (1.20) | (0.21) | (0.97) | |
| Anaattention | 0.003 | 0.118 | 0.009 | 0.165 |
| (0.16) | (0.97) | (0.52) | (1.03) | |
| Constant | 0.086 | −0.205 | 0.120 | −0.665 |
| (0.27) | (−0.08) | (0.37) | (−0.23) | |
| Year | Yes | Yes | Yes | Yes |
| Industry | Yes | Yes | Yes | Yes |
| N | 109 | 37 | 109 | 37 |
| Adj R2 | 0.036 | −0.776 | 0.037 | −1.304 |