Model (1)

Model (2)

Model (3)

EM

EM

EM

Red

0.004*

0.006***

0.004*

(1.8921)

(2.6174)

(1.7721)

Siz

0.016***

0.016***

0.016***

(3.5867)

(3.5910)

(3.5634)

Gro

−0.000

0.000

−0.000

(−0.0090)

(0.0118)

(−0.0012)

Sta

0.002

0.003

0.002

(0.2882)

(0.3113)

(0.2665)

Lev

−0.074***

−0.073***

−0.074***

(−3.6482)

(−3.6242)

(−3.6440)

Roa

−0.000

0.000

−0.000

(−0.0168)

(0.0115)

(−0.0087)

CFO

−0.000***

−0.000***

−0.000***

(−3.7799)

(−3.7595)

(−3.7805)

Ins

0.008

0.012

0.008

(0.5178)

(0.7552)

(0.4983)

Aud

−0.003

−0.002

−0.002

(−0.3812)

(−0.2756)

(−0.3692)

Own

−0.007

(−1.0466)

Own*Red

0.008*

(1.8735)