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% |