LAG

Restatement

(1)

(2)

(3)

(4)

(5)

(6)

R&D1

−0.0010

−0.0005

(−0.20)

(−0.01)

R&D2

−0.0002

0.0008

(−0.51)

(0.18)

R&D_Z

−0.0002

0.007**

(−0.32)

(2.34)

R&D_F

−0.0001

−0.0068**

(−0.23)

(−2.10)

Size

0.0576***

0.0578***

0.0578***

−0.0546**

−0.0553*

−0.0319*

(7.62)

(7.63)

(7.62)

(−1.76)

(−1.77)

(−1.95)

Lev

−0.0923***

−0. 0922***

−0. 0922***

0.7162***

0.7187***

0.3857***

(−3.17)

(−3.16)

(−3.17)

(4.04)

(4.06)

(4.11)

OtherRev

0.2444*

0. 2442*

0. 2444*

2.6900**

2.6871**

1.3859**

(1.74)

(1.74)

(1.74)

(2.53)

(2.53)

(2.39)

Turnover

0.1302**

0.1306*

0.1306*

−0.6010*

−0.6083*

−0.3544**

(1.87)

(1.88)

(1.88)

(−1.82)

(−1.83)

(−2.03)

CashFlow

−0.0370

−0.0369

−0.0368

−0.4514

−0.4499

−0.2372

(−1.00)

(−0.99)

(−0.99)

(−1.03)

(−1.02)

(−1.03)

Growth

−0.0177***

−0.0176***

−0.0177***

0.2335***

0.2335***

0.1275***

(−3.60)

(−3.60)

(−3.60)

(4.46)

(4.46)

(4.44)

Roa

−0.5527***

−0.5530***

−0.5531***

−2.1391**

−2.1385**

−1.0738**

(−7.19)

(−7.20)

(−7.20)

(−2.55)

(−2.55)

(−2.46)

Loss

0.0351***

0.0351***

0.0351***

0.1453

0.1456

0.0906

(3.75)

(3.76)

(3.76)

(1.21)

(1.21)

(1.42)

IIR

−0.0051

−0.0052

−0.0053

−0.4530***

−0.4530***

−0.2196***

(−0.32)

(−0.33)

(−0.34)

(−3.22)

(−3.22)

(−3.00)

Ret

−0.0410***

−0. 0410***

−0. 0410***

0.0312

0.0312

0.0271

(−7.27)

(−7.27)

(−7.27)

(0.40)

(0.40)

(0.66)

Sd_Ret

0.0740

0.0741

0.0740

0.9421

0.9356

0.478

(1.50)

(1.50)

(1.50)

(1.46)

(1.45)

(1.38)

Big4

0.0079

0.0079

0.0079

−0.4235***

−0.4234***

−0.1982***

(0.34)

(0.34)

(0.34)

(−2.67)

(−2.67)

(−2.58)

_cons

3.2582***

3.2549***

3.2544***

−1.4255**

−1.4113**

−0.7948**

(20.08)

(20.03)

(19.99)

(−2.05)

(−2.03)

(−2.17)

year

Control

Control

Control

Control

Control

Control

Industry

Control

Control

Control

Control

Control

Control

N

14958

14958

14958

14958

14958

14958

adj. R-sq

0.0849

0.0849

0.0849

0.0800

0.0800

0.0803