Variable

(1)

(2)

(3)

(4)

State-owned

Non-state-owned

Big-four

Non-big-four

Constant

−0.0798***

−0.0196

0.00835

−0.0554***

(−3.84)

(−0.93)

(0.14)

(−3.72)

lnRev

0.514***

0.483***

0.607***

0.496***

(51.93)

(58.72)

(22.63)

(76.58)

DEC * lnRev

−0.432***

−0.0981*

−0.393*

−0.240***

(−7.67)

(−1.69)

(−1.89)

(−5.78)

PEP * DEC * lnRev

0.253***

0.0300

0.415

0.112***

(4.11)

(0.58)

(1.65)

(2.76)

PEP

0.0502***

0.0317***

0.0555***

0.0402***

(6.42)

(5.01)

(2.80)

(7.96)

SuccDecre * DEC * lnRev

0.0938***

0.184***

0.0571

0.161***

(2.63)

(5.44)

(0.47)

(6.38)

GdpGrowth * DEC * lnRev

1.421***

0.367

−1.932

0.853***

(3.94)

(0.97)

(−1.47)

(3.18)

EI * DEC * lnRev

0.0164**

−0.0297***

0.0648

−0.0102*

(2.01)

(−3.69)

(1.59)

(−1.73)

AI * DEC * lnRev

−0.0181***

−0.0199***

−0.00969

−0.0202***

(−4.29)

(−5.27)

(−0.81)

(−6.97)

Industry

control

control

control

control

Year

control

control

control

control

F value

119.38

162.13

22.96

261.64

Adjusted R²

35.89%

38.02%

44.97%

37.35%

Number of Observations

6979

8668

780

14868