| (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 |