(1)

(2)

(3)

(4)

(5)

DA

SREM

ADISEXP

ACFO

APROD

ICQ

0.00115

−0.0851***

−0.0164**

−0.0296***

−0.0390**

(0.09)

(−4.23)

(−2.86)

(−3.41)

(−3.03)

LCGROWTH

0.167

−0.553***

−0.154**

−0.162*

−0.238*

(1.67)

(−3.39)

(−2.84)

(−2.49)

(−2.31)

LCMATURE

0.260**

−0.640**

−0.143

−0.276***

−0.221

(2.58)

(−2.80)

(−1.96)

(−3.63)

(−1.77)

LCGROWTH × ICQ

−0.0298

0.0742**

0.0239**

0.0178

0.0325*

(−1.93)

(2.92)

(2.85)

(1.77)

(2.02)

LCMATURE × ICQ

−0.0420**

0.0927**

0.0228*

0.0380**

0.0319

(−2.70)

(2.62)

(2.02)

(3.24)

(1.65)

GROWTH

0.0355***

0.113***

0.0246***

0.0248***

0.0633***

(7.32)

(8.37)

(7.18)

(7.68)

(5.49)

ROE

−0.0168

0.440***

0.0798***

0.123***

0.237***

(−0.93)

(8.65)

(5.87)

(8.95)

(6.55)

SIZE

−0.00517***

−0.00916**

−0.00574***

−0.000225

−0.00320

(−4.40)

(−2.75)

(−5.32)

(−0.21)

(−1.40)

LEV

0.0506***

0.0719***

0.00767

0.0226***

0.0415***

(8.00)

(4.17)

(1.50)

(4.34)

(3.41)

AUDITCOST

−1.62e−10

1.18e−09

2.08e−09***

−1.20e−09*

2.98e−10

(−0.73)

(0.68)

(3.70)

(−2.39)

(0.25)

AUDITTYPE

0.00773

0.0107

0.00631

−0.000750

0.00513

(0.58)

(0.35)

(0.60)

(−0.06)

(0.28)

STATE

−0.00649**

−0.00395

0.00151

−0.00140

−0.00406

(−2.91)

(−0.66)

(0.74)

(−0.75)

(−1.02)

_cons

0.154

0.905***

0.263***

0.269***

0.373***

(1.81)

(6.38)

(6.45)

(4.53)

(3.99)

Year

fixed

fixed

fixed

fixed

fixed

Ind

fixed

fixed

fixed

fixed

fixed

Y2

0.1292

0.1718

0.0745

0.1851

0.1226