Variables

Coefficient

ABSDA

Std. error

t-Statistic

Prob.

INDEP

−0.0633***

0.0240

−2.63

0.009

FAMILY

0.0091

0.0480

0.19

0.850

FEMALE

−0.0053

0.0378

−0.14

0.887

FOREIGN

−0.0051

0.0323

−0.16

0.873

DUALITY

−0.0288***

0.0092

−3.12

0.002

BIG4

0.0159

0.0141

1.13

0.026

LEV

0.0317**

0.0149

2.13

0.034

ROA

−0.1582***

0.0391

−4.05

0.000

SIZE

−0.0145

0.0109

−1.34

0.182

Constant

0.1186**

0.0566

2.09

0.037

Observations

503

R-Squared

0.116

Fixed effects

YES