(1)

(2)

(3)

REM

DT

REM

msalary

−0.0361^***

0.0708^***

−0.0356^***

(−6.8359)

(2.7348)

(−6.7572)

DT

−0.0074^***

(−2.7692)

size

0.0068^*

0.1341^***

0.0078^**

(1.8801)

(6.8230)

(2.1466)

leverage

0.0859^***

−0.2689^***

0.0839^***

(4.9921)

(−2.7486)

(4.8657)

ROA

−1.0586^***

−0.3501

−1.0612^***

(−18.4850)

(−1.2663)

(−18.5458)

tobinq

−0.0142^***

0.0255^**

−0.0140^***

(−5.4767)

(2.1571)

(−5.3799)

growth

−0.0011

0.0430^***

−0.0008

(−0.4104)

(3.1770)

(−0.2915)

loss

−0.0997^***

−0.0293

−0.0999^***

(−11.3567)

(−0.6557)

(−11.4071)

top1

0.0004^*

−0.0018

0.0004^*

(1.7801)

(−1.4165)

(1.7289)

msl

−0.0011^***

0.0007

−0.0011^***

(−5.4412)

(0.6106)

(−5.4307)

insthold

−0.0008^***

−0.0006

−0.0008^***

(−4.1211)

(−0.5602)

(−4.1451)

big4

−0.0462^***

−0.1599^**

−0.0474^***

(−3.2972)

(−2.5071)

(−3.4007)

nature

0.0356^***

−0.1829^***

0.0343^***

(4.6826)

(−4.4065)

(4.4781)

_cons

0.3876^***

−2.8051^***

−0.0074^***

(4.3463)

(−6.3349)

(−2.7692)

r2

0.1916

0.3933

0.3668^***

F

14.2503

50.0090

(4.1173)

N

13,248

13,248

0.1930