| 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 |