Variable

Equation (1): Large Client Segment

Equation (1): Small Client Segment

Coef.

t-stat

p-value

Coef.

t-stat

p-value

FeePrem

0.465

14.378

0.000

***

0.156

7.833

0.000

***

Big3Per

0.437

22.037

0.000

***

0.395

18.030

0.000

***

TA

0.293

23.551

0.000

***

0.167

20.732

0.000

***

IndPTA

0.658

3.466

0.001

***

5.093

1.877

0.061

*

SUBS

0.111

10.925

0.000

***

0.075

13.428

0.000

***

FORN

0.011

0.325

0.745

0.078

3.402

0.001

***

ROI

(0.502)

(3.789)

0.000

***

(0.249)

(5.504)

0.000

***

LIQ

0.141

2.802

0.005

***

0.037

1.160

0.246

LEV

0.005

1.663

0.096

*

0.001

1.072

0.284

LOSS

0.083

4.679

0.000

***

0.063

5.724

0.000

***

GAAP

1.454

19.736

0.000

***

-

-

-

TEAM

0.006

1.249

0.212

0.040

10.986

0.000

***

TENR

(0.015)

(3.113)

0.002

***

(0.018)

(5.711)

0.000

***

NAF

0.116

9.965

0.000

***

0.031

2.392

0.017

**

AISpec

0.226

2.722

0.007

***

0.073

1.068

0.286

DOMN

0.026

10.153

0.000

***

0.011

5.449

0.000

***

AOP

(0.021)

(0.121)

0.904

(0.186)

(1.426)

0.154

POW

0.463

11.342

0.000

***

0.032

1.303

0.193

DIST

(0.803)

(5.167)

0.000

***

(0.328)

(2.641)

0.008

***

GFC

(0.240)

(0.849)

0.396

(0.982)

(42.982)

0.000

***

REG

(0.540)

(1.604)

0.109

(0.049)

(0.659)

0.510

ACC

0.122

1.009

0.313

0.040

10.986

0.000

***

n

7597

7713

Industry dummy variables

Included

Included

Year dummy variables

Included

Included

Adj. R-Squared

60.19%

13.68%