Variables	Estimated Coefficient
Variables	Model (1)	Model (2)		Model (3)
Constant	−4.41***	−4.40***		−4.43***
SDI	−0.011**	−0.011**		−0.008*
SDI × PC	0.018**
SDI × PCI		0.007**
SDI × △PCI				0.019*
SIZE	0.070***	0.0696***		0.071***
LEV	−1.04***	−1.04***		−1.04***
CAPINT	−0.76***	−0.76***		−0.76***
INVINT	0.72***	0.72***		0.72***
ROA	1.88***	1.88***		1.88***
TOP1	0.002***	0.002***		0.002***
MB	−0.058***	−0.058***		−0.057***
AGEPUB	−0.006***	−0.006***		−0.006***
TAXRATE	2.07***	2.07***		2.07***
OPINION	−0.45***	−0.45***		−0.45***
STATE	−0.16	−0.16		−0.19
YEAR	Control
INDUR	Control
Adjust R2	0.1319	0.1319	0.1318
F	58.27***	58.31***	58.23***
N	11314	11314	11314