Variables | Independent variable: FI | Independent variable: KZK | Independent variable: KZ | |||
FI | −0.0601 | −0.0784 |
|
|
|
|
(−0.6386) | (−0.7501) |
|
|
|
| |
KZK |
|
| 0.3579*** | 0.4013*** |
|
|
|
| (16.0999) | (16.5766) |
|
| |
KZ |
|
|
|
| 0.3810*** | 0.4262*** |
|
|
|
| (16.4986) | (17.1798) | |
Size | 0.3401*** | 0.2692*** | 0.3221*** | 0.2521*** | 0.3182*** | 0.2473*** |
(45.3040) | (30.4368) | (43.6709) | (29.4812) | (42.9905) | (28.8708) | |
Big4 | 0.2125*** | 0.2390*** | 0.2340*** | 0.2544*** | 0.2359*** | 0.2564*** |
(5.7149) | (5.5417) | (6.4284) | (6.0873) | (6.4876) | (6.1475) | |
Lever | 0.1050*** | 0.0959*** | 0.1445*** | 0.1436*** | 0.1526*** | 0.1529*** |
(3.7500) | (3.2029) | (5.2534) | (4.9241) | (5.5460) | (5.2458) | |
Inv | −0.0549 | −0.0806* | −0.0126 | −0.0285 | −0.0158 | −0.0374 |
(−1.2533) | (−1.7410) | (−0.2941) | (−0.6370) | (−0.3700) | (−0.8370) | |
Rec | 0.0603 | 0.0036 | 0.0794 | 0.0839 | 0.0687 | 0.0762 |
(0.9533) | (0.0539) | (1.2850) | (1.2801) | (1.1121) | (1.1669) | |
Tunnel | 0.5741*** | 0.2810*** | 0.6530*** | 0.4159*** | 0.6505*** | 0.4183*** |
(5.3547) | (2.6232) | (6.2300) | (4.0014) | (6.2132) | (4.0341) | |
Growth | −0.0028 | 0.0150** | −0.0073 | 0.0090 | −0.0086 | 0.0079 |
(−0.4453) | (2.3787) | (−1.1604) | (1.4606) | (−1.3780) | (1.2824) | |
Roe | −0.0254 | −0.0230 | −0.0381 | −0.0229 | −0.0407 | −0.0239 |
(−0.9207) | (−0.8465) | (−1.4096) | (−0.8682) | (−1.5066) | (−0.9096) | |
Loss | 0.0366*** | 0.0270** | 0.0261** | 0.0185 | 0.0254** | 0.0174 |
(3.0181) | (2.2630) | (2.1949) | (1.6039) | (2.1349) | (1.5079) | |
Lag_lnfee |
| 0.2916*** |
| 0.2869*** |
| 0.2891*** |
| (22.1163) |
| (22.4622) |
| (22.6911) | |
_Cons | 6.0000*** | 3.7149*** | 6.2943*** | 4.0138*** | 6.3828*** | 4.0920*** |
(37.3407) | (17.8404) | (40.1426) | (19.9465) | (40.5752) | (20.3390) | |
Year effect | yes | yes | yes | yes | yes | yes |
Code effect | yes | yes | yes | yes | yes | yes |
N | 7384 | 5784 | 7384 | 5784 | 7384 | 5784 |
R-sq | 0.5340 | 0.5735 | 0.5540 | 0.5994 | 0.5550 | 0.6012 |