Lnfee

Prov.(1)

Prov.(2)

Manu.(3)

Manu.(4)

Big10(5)

Big10(6)

Constant

5.471***

(27.574)

5.657***

(26.194)

6.278***

(28.018)

6.302***

(28.105)

4.953***

(27.281)

5.038***

(27.613)

Lnnum

0.042***

(3.114)

0.009

(0.453)

0.02**

(2.536)

0.013

(1.486)

0.024***

(3.486)

0.011

(1.419)

Local

0.024

(1.353)

−0.317**

(−2.006)

−0.007

(−0.262)

−0.204*

(−1.936)

−0.028

(−1.322)

−0.340***

(−4.036)

Lnnum × Local

0.058**

(2.170)

0.04*

(1.932)

0.063***

(3.825)

Opinion

0.176***

(3.820)

0.179***

(3.873)

0.151***

(2.845)

0.156***

(2.934)

0.170***

(3.606)

0.173***

(3.663)

Lnasset

0.356***

(42.062)

0.356***

(42.102)

0.328***

(32.038)

0.328***

(32.061)

0.385***

(46.225)

0.383***

(46.039)

Lev

−0.0001

(−0.245)

−0.0001

(−0.156)

0.0005

(0.594)

0.0004 (0.541)

−0.001

(−1.134)

−0.001

(−1.081)

Big4

0.551***

(14.145)

0.546***

(14.015)

0.498***

(9.506)

0.493***

(9.402)

0.126***

(7.304)

0.124***

(7.234)

Industry

control

control

−

−

control

control

Adj. R²

0.568

0.568

0.518

0.519

0.545

0.547

No. of obs.

2716

2716

1717

1717

2716

2716