VARIABLES

(1)

IC

(2)

IC

Tie

0.085

0.108^*

(1.20)

(1.66)

Plural

−0.001

0.012^**

(−0.08)

(2.36)

Degree

0.047

−0.099^**

(1.21)

(−1.97)

Size

−0.047

−0.090^**

(−1.07)

(−2.36)

Lev

0.033

0.024

(0.93)

(0.44)

Cash

0.104^**

0.150^***

(2.31)

(3.71)

Big4

0.495^***

0.337^*

(3.01)

(1.81)

Growth

−0.005

0.037^**

(−0.38)

(2.07)

ROA

4.053^***

3.286^***

(6.88)

(13.72)

TobinQ

−0.010

−0.051^**

(−0.36)

(−2.56)

Age

0.006

−0.024^***

(1.01)

(−4.22)

Ind

YES

YES

Year

YES

YES

Constant

4.907^***

4.867^***

(12.39)

(23.53)

Observations

1711

2712

R-squared

0.049

0.097