Variable

(1)

Dependent Variable:

AQ

(2)

Dependent Variable:

DiscAQ

Coefficient

estimate

t-statistic

Coefficient

estimate

t-statistic

PActiveIndep

0.002*

1.83

0.003**

2.31

(0.001)

(0.001)

Size

0.002***

7.10

−0.001***

−3.37

(0.000)

(0.000)

Lev

−0.008***

−2.84

−0.008***

−3.22

(0.003)

(0.002)

MB

−0.001***

−2.95

−0.000**

−2.52

(0.000)

(0.000)

ROA

0.030***

3.38

0.019***

2.74

(0.009)

(0.007)

Dloss

−0.003*

−1.81

0.002

1.01

(0.002)

(0.002)

Finance

−0.002***

−2.87

−0.002**

−2.46

(0.001)

(0.001)

MA

0.001

0.89

0.001

0.95

(0.001)

(0.001)

Pindep

0.003

0.99

0.004

1.57

(0.003)

(0.003)

Intercept

−0.046***

−9.33

0.010**

2.19

(0.005)

(0.005)

Year fixed effect

Yes

Yes

Industry fixed effect

Yes

Yes

N

7739

7371

Adj. R-square

0.066

0.017