Dependent

Model 1

Model 2

Model 3

DA

Info

Info

(Constant)

0.2027*** (0.0000)

−0.8054*** (0.0000)

−0.7986*** (0.0000)

Incent

0.0098* (0.0521)

0.0464** (0.0276)

0.0465** (0.0283)

DA

−0.0135 (0.6666)

Chairman

0.0017 (0.1323)

Indep_Director

−0.0313* (0.0514)

Size

−0.0191*** (0.0000)

0.0679*** (0.0000)

0.0668*** (0.0000)

Accfirm

−0.0018 (0.2546)

Audit

−0.0125*** (0.0009)

Leverage

−0.2439*** (0.0000)

−0.2424*** (0.0000)

BtoM

0.0811*** (0.0000)

0.0811*** (0.0000)

Var-Indyld

278.5099*** (0.0000)

278.5324*** (0.0000)

Industry

Control

Control

Control

Adjusted R2

0.0869

0.2032

0.2024

F-Value

21.1779***

57.0490***

54.1153***