|
| (1) Tu (MP = 0) | (2) Tu (MP = 1) | (3) Total sample |
| CC_top5 | 0.0004 | −0.0056*** | −0.0001 |
|
| (0.24) | (−3.73) | (−0.09) |
| MP | - | - | 0.0006 |
|
| - | - | (0.69) |
| MP* CC_top5 | - | - | −0.0055** |
|
| - | - | (−2.56) |
| Lev | 0.0317*** | 0.0214*** | 0.0271*** |
|
| (13.01) | (9.72) | (16.70) |
| Size | −0.0048*** | −0.0018*** | −0.0027*** |
|
| (−7.26) | (−4.96) | (−8.50) |
| Roa | −0.0025 | −0.0122* | −0.0049 |
|
| (−0.25) | (−1.66) | (−0.83) |
| Sep | 0.0000 | 0.0001** | 0.0000 |
|
| (0.09) | (2.16) | (1.50) |
| Indep | 0.0046 | −0.0031 | 0.0024 |
|
| (0.65) | (−0.60) | (0.56) |
| Auditor | −0.0161*** | −0.0150*** | −0.0165*** |
|
| (−6.85) | (−4.83) | (−9.10) |
| Growth | −0.0008 | 0.0016*** | 0.0004 |
|
| (−1.23) | (3.43) | (1.04) |
| Debt | −0.0050*** | −0.0055*** | −0.0058*** |
|
| (−2.90) | (−3.65) | (−5.13) |
| SOE | −0.0042*** | −0.0001 | −0.0012** |
|
| (−3.75) | (−0.11) | (−2.09) |
| _cons | 0.1270*** | 0.0629*** | 0.0815*** |
|
| (8.74) | (7.29) | (11.45) |
| Industry | controlled | controlled | controlled |
| Year | controlled | controlled | controlled |
| N | 3495 | 4580 | 8075 |
| R2 | 0.1938 | 0.1840 | 0.1772 |
| Adjust-R2 | 0.1861 | 0.1780 | 0.1736 |
| F value | 25.21 | 31.05 | 49.47 |