|
| |DA| | Fee | ||
| Penalty | −0.016** | (0.026) | 0.181*** | (0.000) |
| Size | 0.010* | (0.069) | 0.275*** | (0.000) |
| Lev | −0.002 | (0.924) | 0.367*** | (0.000) |
| Roa | −0.113** | (0.038) | −0.624** | (0.048) |
| Complex | 0.047* | (0.085) | −0.116 | (0.276) |
| Loss | −0.001 | (0.941) | 0.086 | (0.169) |
| Big8 | 0.012 | (0.182) | 0.096*** | (0.008) |
| Scten | 0.000 | (0.878) | 0.009* | (0.076) |
| State | −0.036 | (0.598) | −0.247*** | (0.000) |
| _cons | −0.144 | (0.213) | 7.429*** | (0.000) |
| 观测值 | 630 | 629 | ||
| 行业效应 | 控制 | 控制 | ||
| 年度效应 | 控制 | 控制 | ||