Roa | 3.9448*** | −0.7375** | 0.1848** | −0.2532*** | 2.7693** | −0.6895** | 0.1539* | −0.2572*** |
| (2.74) | (−2.51) | (2.39) | (−4.01) | (2.17) | (−2.08) | (1.86) | (−4.02) |
Loss | −0.1620 | 0.1037** | −0.0972*** | 0.0462*** | −0.2578 | 0.1323*** | −0.1026*** | 0.0438*** |
| (−0.66) | (2.43) | (−8.19) | (5.23) | (−1.20) | (2.65) | (−7.99) | (4.72) |
IIR | −0.3965 | 0.0455 | −0.0055 | −0.0441*** | −0.8807*** | 0.1685** | −0.0270* | −0.0545*** |
| (−1.47) | (0.93) | (−0.53) | (−4.20) | (−3.70) | (2.28) | (−1.83) | (−4.11) |
Ret | 0.0024 | −0.0129 | 0.0155** | −0.0421*** | 0.0513 | −0.0234 | 0.0177** | −0.0413*** |
| (0.02) | (−0.47) | (2.56) | (−6.47) | (0.35) | (−0.72) | (2.59) | (−6.15) |
Sd_Ret | 4.1613*** | −0.6359** | 0.0798 | 0.0957 | 4.3706*** | −0.8927** | 0.1294 | 0.1173* |
| (3.07) | (−2.29) | (1.20) | (1.57) | (3.58) | (−2.40) | (1.54) | (1.71) |
Big4 | −0.1236 | 0.7133*** | −0.0341*** | −0.0349*** | −0.2217 | 0.7403*** | −0.0396*** | −0.0372*** |
| (−0.49) | (16.22) | (−4.05) | (−4.79) | (−0.99) | (14.66) | (−4.09) | (−4.86) |
_cons | −9.5195*** | 7.0587*** | −0.0575 | 4.1116*** | −11.0321*** | 7.8653*** | −0.2293 | 4.0437*** |
| (−7.64) | (14.98) | (−0.38) | (42.25) | (−9.69) | (10.25) | (−1.06) | (30.61) |
year | Control | Control | Control | Control | Control | Control | Control | Control |
Industry | Control | Control | Control | Control | Control | Control | Control | Control |
N | 14958 | 14958 | 14958 | 14958 | 14958 | 14958 | 14958 | 14958 |
Prob > F/chi2 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |