Variable

(1)

Dependent Variable:

AQ

(2)

Dependent Variable:

DiscAQ

Coefficient

estimate

t-statistic

Coefficient

estimate

t-statistic

PActiveIndep

0.002**

2.11

0.002***

2.79

(0.001)

(0.001)

Size

0.003***

7.37

−0.001***

−3.23

(0.000)

(0.000)

Lev

−0.008***

−2.82

−0.008***

−3.21

(0.003)

(0.002)

MB

−0.001***

−2.91

−0.000**

−2.47

(0.000)

(0.000)

ROA

0.030***

3.32

0.019***

2.67

(0.009)

(0.007)

Dloss

−0.003*

−1.87

0.001

0.94

(0.002)

(0.001)

Finance

−0.002***

−2.84

−0.002**

−2.52

(0.001)

(0.001)

MA

0.001

0.86

0.001

0.96

(0.001)

(0.001)

Pindep

0.003

1.18

0.004

1.72

(0.003)

(0.002)

Intercept

−0.047***

−9.61

0.009**

2.05

(0.005)

(0.004)

Year fixed effect

Yes

Yes

Industry fixed effect

Yes

Yes

N

7701

7335

Adj. R-square

0.066

0.017