The Big Four

Non-Big Four

R&D1

0.0212

0.0687

(0.02)

(0.79)

R&D2

−0.0507

0.0081

(−0.69)

(0.82)

R&D_Z

−0.1889***

−0.0196

(−3.45)

(−1.56)

R&D_F

−0.0029

0.0405**

(−0.05)

(2.55)

Size

1.0238***

1.0036***

1.0917***

0.7844***

0.7838***

0.7886***

(3.09)

(2.91)

(2.81)

(11.51)

(11.46)

(11.52)

Lev

−2.8522

−2.6445

−2.1963

−4.3265***

−4.3273***

−4.3484***

(−1.27)

(−1.11)

(−0.92)

(−13.47)

(−13.47)

(−13.49)

OtherRev

9.4957

10.7399

6.8062

−5.7849***

−5.7844***

−5.8593***

(0.98)

(0.99)

(0.61)

(−3.52)

(−3.52)

(−3.58)

Turnover

−12.0687*

10.2208

−7.2942

2.8318***

2.8282***

2.8649***

(−1.76)

(−1.52)

(−0.91)

(3.82)

(3.82)

(3.87)

CashFlow

−9.8695

−10.9813

−15.4305

0.5441

0.5396

0.5132

(−0.99)

(−1.05)

(−0.99)

(0.72)

(0.71)

(0.67)

Growth

6.0461*

6.4915*

7.3422

−0.1210

−0.1216

−0.1184

(1.95)

(1.84)

(1.49)

(−1.06)

(−1.07)

(−1.03)

Roa

28.2298

30.8326

38.9269

6.1873***

6.1884***

6.1781***

(1.24)

(1.29)

(1.27)

(4.11)

(4.11)

(4.09)

Loss

1.6247

1.9786

2.1432

−0.7442***

−0.7450***

−0.7534***

(0.80)

(0.85)

(0.77)

(−3.85)

(−3.86)

(−3.90)

IIR

1.3843

1.0962

0.5817

0.6603**

0.6568**

0.5976**

(1.33)

(0.85)

(0.40)

(2.28)

(2.27)

(2.04)

Ret

0.9128

1.0045

0.6554

0.6319***

0.6312***

0.6441***

(0.47)

(0.50)

(0.31)

(3.65)

(3.64)

(3.70)

Sd_Ret

5.3277

4.3638

2.7057

−3.5448***

−3.5399***

−3.4827***

(1.08)

(0.95)

(0.58)

(−3.01)

(−3.00)

(−2.95)

_cons

−19.5760***

−18.8918***

−19.9523**

−10.2169***

−10.2037***

−10.2519***

(−2.94)

(−2.67)

(−2.54)

(−6.86)

(−6.83)

(−6.86)

year

Control

Control

Control

Control

Control

Control

Industry

Control

Control

Control

Control

Control

Control

N

558

558

558

13906

13906

13906

Pseudo R²

0.5772

0.5801

0.6057

0.2997

0.2997

0.3014