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 |
|