| Lev | −0.2500*** | 0.0247*** | 0.0265*** |
|
| (−28.44) | (14.85) | (16.73) |
| Size | 0.0068*** | −0.0030*** | −0.0030*** |
|
| (4.41) | (−10.56) | (−10.74) |
| Roa | 0.2780*** | −0.0043 | −0.0063 |
|
| (8.62) | (−0.74) | (−1.09) |
| Sep | −0.0002 | 0.0000 | 0.0000 |
|
| (−1.17) | (1.42) | (1.46) |
| Indep | 0.0136 | 0.0026 | 0.0025 |
|
| (0.58) | (0.61) | (0.59) |
| Auditor | −0.0191* | −0.0170*** | −0.0169*** |
|
| (−1.90) | (−9.40) | (−9.32) |
| Growth | −0.0007 | 0.0004 | 0.0004 |
|
| (−0.31) | (1.10) | (1.11) |
| Debt | −0.1170*** | −0.0066*** | −0.0058*** |
|
| (−18.75) | (−5.77) | (−5.13) |
| SOE | 0.0063* | −0.0012** | −0.0013** |
|
| (1.91) | (−2.03) | (−2.10) |
| _cons | 0.2110*** | 0.0897*** | 0.0881*** |
|
| (5.99) | (14.12) | (13.90) |
| Industry | controlled | controlled | controlled |
| Year | controlled | controlled | controlled |
| N | 8075 | 8075 | 8075 |
| R2 | 0.3523 | 0.1776 | 0.1762 |
| Adjust-R2 | 0.3496 | 0.1741 | 0.1728 |
| F value | 132.53 | 51.06 | 52.12 |