Variable

Model (1)

Model (2)

OCI

0.00276***

0.00643***

5.103

4.21

Experience × OCI

−0.000234**

−2.570

Experience

0.00245***

0.00428***

3.062

3.997

ROA

0.0512

0.0468

0.731

0.667

Rec

0.0716

0.075

1.3

1.362

Inv

0.0274

0.0286

0.694

0.726

Cur

−0.000229

−0.000335

−0.169

−0.248

Size

0.340***

0.340***

48.14

48.19

Mb

0.0107***

0.0107***

5.723

5.767

Level

−0.00866

−0.0103

−0.309

−0.366

Loss

0.0331***

0.0330***

3.225

3.214

Top10

0.168***

0.169***

5.211

5.246

Opinion

0.0761***

0.0765***

4.661

4.687

Big4

0.154***

0.153***

5.099

5.056

Constant

6.113***

6.076***

39.46

39.07

Year

Yes

Yes

Industry

Yes

Yes

R-squared

0.538

0.539

N

13,978

13,978