Model (a)

Model (b)

Model (c)

EM

EM

EM

Red

0.004*

0.004*

0.005*

(1.722)

(1.687)

(1.656)

Lev

−0.252***

−0.256***

−0.310***

(−7.297)

(−7.230)

(−6.275)

Roa

−0.004

−0.003

0.000

(−0.451)

(−0.422)

(0.022)

CFO

−0.000***

−0.000***

−0.000***

(−4.404)

(−4.372)

(−3.556)

Aud

−0.025*

−0.025*

−0.028**

(−1.919)

(−1.945)

(−2.019)