CCDI

−0.0148

−0.00600

(−1.28)

(−0.49)

Inte_Enfor

−0.00159

−0.00160

(−0.29)

(−0.28)

Inte_Volun

−0.0110^**

−0.00472

(−2.01)

(−0.86)

Truth

0.00526

0.00888

(0.44)

(0.66)

Time

−0.000551

−0.00127

(−0.15)

(−0.34)

Big4

0.147

0.138

0.0867

0.0858

(1.33)

(1.24)

(0.77)

(0.75)

Conserv

−0.0159

0.0450

−0.0722

−0.0297

(−0.08)

(0.21)

(−0.34)

(−0.14)

VarRoe

0.426

0.473

6.895^**

6.788^**

(0.14)

(0.15)

(2.29)

(2.23)

Roe

1.467^***

1.330^**

0.250

0.235

(2.89)

(2.58)

(0.48)

(0.44)

Size

0.526^***

0.540^***

0.406^***

0.410^***

(13.64)

(13.40)

(10.12)

(9.76)

Lev

−1.231^***

−1.281^***

−0.778^**

−0.784^**

(−3.23)

(−3.31)

(−2.01)

(−2.00)

CFO

−0.760

−0.752

−1.004

−0.980

(−1.06)

(−1.05)

(−1.38)

(−1.34)

CR

0.0806

0.0765

0.0551

0.0505

(1.50)

(1.41)

(1.04)

(0.94)

LLR

0.0032

0.0029

0.0004

0.0003

(1.26)

(1.14)

(0.14)

(0.11)

GDPgrow

−0.149^***

−0.145^**

0.00373

0.0280

(−2.73)

(−2.29)

(0.07)

(0.41)

State

0.254^***

0.234^***

0.155^*

0.144

(2.94)

(2.64)

(1.75)

(1.58)

Duration

−0.0307

−0.0308

(−1.38)

(−1.38)

Guarantee

0.426^***

0.422^***

(4.57)

(4.49)

Type C

0.287^***

0.288^***

(2.95)

(2.93)

Inds

Control

Control

Control

Control

N

273

273

253

253

R²

0.746

0.749

0.695

0.696