variant

(1)

(2)

(3)

(4)

BC

−0.028***

−0.020***

−0.022***

−0.019***

(−7.42)

(−5.54)

(−6.02)

(−5.32)

BC × INST

−0.001***

(−3.20)

INST

0.001***

(6.49)

BC × Indep

−0.001**

(−2.53)

Indep

0.0002

(0.83)

SOE

−0.011***

−0.011***

−0.011***

(−4.80)

(−4.94)

(−4.79)

ROA

0.381***

0.371***

0.382***

(20.56)

(20.05)

(20.57)

SIZE

−0.001

−0.004***

−0.001

(−1.24)

(−3.20)

(−1.25)

LEV

0.078***

0.079***

0.078***

(12.95)

(13.18)

(12.96)

BIG4

−0.001

−0.002

−0.001

(−0.17)

(−0.59)

(−0.22)

TOP

0.001

−0.001**

0.001

(1.27)

(−2.50)

(1.20)

MB

0.014***

0.013***

0.014***

(14.34)

(13.17)

(14.30)

Mshare

−0.001***

0.001*

−0.001***

(−3.17)

(1.84)

(−3.21)

FirmAge

−0.006*

−0.005

−0.006*

(−1.80)

(−1.44)

(−1.79)

Ind/Year

Yes

Yes

Yes

Yes

cons

0.144***

0.126***

0.162***

0.122***

(10.02)

(4.49)

(5.66)

(4.29)

N

25960

25960

25960

25960

R²

0.107

0.165

0.167

0.165