OLS

OP

(1)

(2)

(3)

(4)

ECPM

0.061^***

(2.62)

0.068^**

(2.27)

0.083^***

(2.64)

0.072^**

(2.17)

Party

−0.098

(−1.47)

−0.139

(−1.55)

ECPM*Party

0.204^**

(2.13)

0.307^**

(2.33)

Legal

−0.012

(−1.10)

−0.020

(−1.36)

ECPM*Legal

0.030^**

(2.38)

0.042^**

(2.45)

Gender

0.042

(1.35)

0.043

(1.37)

0.054

(1.28)

0.055

(1.30)

Age

−0.003^**

(−2.48)

−0.003^**

(−2.53)

−0.005^***

(−2.58)

−0.005^***

(−2.63)

Education

0.018

(1.04)

0.018

(1.03)

0.023

(0.98)

0.023

(0.98)

Compensation

−0.003

(−0.10)

−0.003

(−0.09)

−0.014

(−0.33)

−0.012

(−0.29)

PI

0.272^***

(11.51)

0.272^***

(11.51)

0.346^***

(10.86)

0.346^***

(10.82)

Revenue

0.079^***

(8.86)

0.079^***

(8.83)

0.105^***

(8.73)

0.105^***

(8.71)

Establish

0.008^***

(3.75)

0.009^***

(3.78)

0.011^***

(3.61)

0.011^***

(3.68)

DTA

0.000

(0.02)

−0.000

(−0.01)

−0.000

(−0.16)

−0.000

(−0.18)

Profit

0.159^***

(8.52)

0.159^***

(8.51)

0.219^***

(8.65)

0.218^***

(8.63)

Staff number

0.406^***

(15.39)

0.405^***

(15.34)

0.537^***

(14.92)

0.535^***

(14.87)

Industry

Yes

Yes

Yes

Yes

Region

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

R²

0.343

0.344

Pseudo R²

0.153

0.153

N

6158

6158

6158

6158