变量

高规模组列1

低规模组列2

高规模组列3

低规模组列4

Lnfee

Op

Eu

0.010^*

0.008^*

0.150^***

0.239^***

(0.006)

(0.004)

(0.038)

(0.036)

MRatio

−0.007

−0.019

0.921

−1.904^**

(0.065)

(0.036)

(0.901)

(0.764)

Eu*MRatio

0.098^***

0.091^***

−0.187

−0.610^***

(0.037)

(0.021)

(0.209)

(0.214)

Lev

0.967^***

0.151^***

3.162^***

4.797^***

(0.082)

(0.048)

(0.966)

(0.573)

ROA

0.396^**

−0.273^**

−8.767^***

−4.477^***

(0.195)

(0.106)

(1.713)

(1.000)

CRatio

0.009

−0.032^***

0.101

0.156^***

(0.010)

(0.003)

(0.133)

(0.052)

Loss

−0.076^**

−0.007

1.390^***

0.899^***

(0.037)

(0.022)

(0.321)

(0.244)

Big4

1.067^***

0.385^***

−0.328

−0.518

(0.039)

(0.042)

(0.452)

(1.088)

ArInv

−0.422^***

0.072

−2.051^**

−1.201^**

(0.065)

(0.045)

(0.827)

(0.576)

State

−0.023

−0.114^***

−1.785^***

−0.881^***

(0.019)

(0.016)

(0.284)

(0.209)

Age

0.007^***

0.008^***

0.027

0.026

(0.002)

(0.001)

(0.019)

(0.016)

_cons

13.720^***

13.447^***

−5.588^***

−5.502^***

(0.088)

(0.043)

(1.124)

(0.665)

year/ind

control

control

control

control

N

5206

5204

4736

4946

Pseudo R2

0.328

0.198

0.331

0.316