|
| 1 = the big four, 0 = Non-big four | ||
| R&D1 | 0.0002 |
|
|
|
| (0.00) |
|
|
| R&D2 |
| 0.0001 |
|
|
|
| (0.13) |
|
| R&D_Z |
|
| 0.0017 |
|
|
|
| (0.42) |
| R&D_F |
|
| 0.0021 |
|
|
|
| (0.47) |
| Size | 1.2485*** | 0.0256*** | 0.6394*** |
|
| (29.52) | (5.34) | (28.62) |
| Lev | −2.0515*** | −0.0153 | −1.0615*** |
|
| (−7.09) | (−1.25) | (−7.40) |
| OtherRev | −1.6469 | −0.0854 | −0.9416 |
|
| (−0.88) | (−1.20) | (−0.98) |
| Turnover | 2.4851*** | −0.0373 | 1.3155*** |
|
| (5.40) | (−1.11) | (5.54) |
| CashFlow | 4.7991*** | 0.0208 | 2.4833*** |
|
| (7.44) | (1.51) | (7.62) |
| Growth | −0.4764*** | −0.0051** | −0.2595*** |
|
| (−3.91) | (−2.43) | (−4.36) |
| Roa | −0.7055 | 0.0209 | −0.4007 |
|
| (−0.58) | (0.59) | (−0.65) |
| Loss | 0.0685 | 0.0050 | 0.0764 |
|
| (0.34) | (1.21) | (0.77) |
| IIR | 1.1892*** | 0.0054 | 0.5954*** |
|
| (5.73) | (0.66) | (5.76) |
| Ret | 0.1246 | 0.0067** | 0.057 |
|
| (1.10) | (2.53) | (1.00) |
| Sd_Ret | −1.0644 | −0.0088 | −0.4192 |
|
| (−0.96) | (−0.35) | (−0.78) |
| _cons | −29.2902*** | −0.5308*** | −15.2417*** |
|
| (−30.25) | (−5.20) | (−29.54) |
| year | Control | Control | Control |
| Industry | Control | Control | Control |
| N | 14958 | 14958 | 14958 |
| Pseudo R2 | 0.3126 | 0.1394 | 0.3076 |