(1)

(2)

(3)

(4)

Ferror

Ferror

Fdisp

Fdisp

Big4 = 1

Big4 = 0

Big4 = 1

Big4 = 0

Treat*Post

−0.6966^***

−0.8745^**

−0.0999^***

−0.0288

(−2.6122)

(−2.5192)

(−4.2140)

(−0.7087)

Lev

0.4514

0.8476^***

0.1726^***

0.1006^***

(0.7936)

(3.0388)

(3.0972)

(3.8835)

EM

−0.0907^***

−0.0100

−0.0084^**

0.0097^***

(−3.7521)

(−0.3885)

(−2.4010)

(3.7576)

Gro

−0.5856^**

−0.2383^***

0.0268

−0.0059^*

(−2.1859)

(−3.3939)

(0.8702)

(−1.7724)

Roa

−11.0321^***

−0.5035^**

−1.2278^***

−0.0749^**

(−5.1679)

(−2.0396)

(-4.7175)

(−2.0129)

Ph

−0.0079

−0.0228^***

−0.0000

−0.0012^***

(−1.1655)

(−8.4769)

(−0.0518)

(−5.3027)

Soe

0.0228

0.2771^***

0.0378^*

−0.0192^***

(0.0983)

(2.7464)

(1.6930)

(−2.6713)

年份和行业

Yes

Yes

Yes

Yes

_cons

2.9891^***

2.5711^***

0.3832^***

0.3944^***

(5.8125)

(14.2652)

(7.8810)

(29.6664)

N

1012

12,091

1012

12,091

r²

0.0934

0.0123

0.1350

0.0310