Variables a

Change of

lead CPA

Non - change of lead CPA

Change of concurring CPA

Non-change of concurring CPA

Pred. Sign

Coef.

z-value b

Coef.

z-value

Coef.

z-value

Coef.

z-value

DME

+

0.1013

0.41

0.1675

4.24***

0.4669

1.94**

0.1524

3.81***

SIZE

+/−

0.0300

0.23

0.2550

7.59***

0.2191

1.73*

0.2321

6.89***

DE

+/−

−0.3413

−0.46

−0.6299

−3.12***

−1.6220

−1.82*

0.5660

−2.83***

ROA

+/−

0.5487

0.22

1.1800

2.38**

−0.3706

−0.19

1.1724

2.37**

DP

+/−

0.0004

−0.18

−0.0013

−4.04***

0.0539

0.53

−0.0012

−3.37***

BHold

+/−

−0.8621

−1.0

0.4697

1.89*

0.2955

0.30

0.3550

1.46

MHold

+/−

2.2955

0.69

0.2441

0.21

7.3701

1.06

0.3331

0.29

PDM

+/−

−1.6915

−2.12**

−0.6580

−2.60***

−1.3650

−1.30

−0.7308

−2.98***

AGE

+/−

−0.0003

−0.02

−0.0095

−3.47***

0.0056

0.44

−0.0093

−3.37***

Foreign

+/−

2.0922

1.61

0.7190

2.37**

−0.4253

−0.58

0.9281

2.86***

Public

+/−

7.1735

2.05**

1.8917

2.29**

22.5040

2.49**

2.0886

2.56**

Wald χ2

41.18***

288.19 ***

28.78***

269.83***

Pseudo R2

5.39%

6.92%

0.25%

6.56%

N

87

980

69

998