| Variable | (1) | (2) | (3) |
| “non-Big Four” | “Big Four” | ||
| Recover | 0.0646*** (0.0240) | 0.0883*** (0.0279) | −0.0626 (0.0432) |
| Size | −0.0379 (0.0343) | −0.0423 (0.0376) | 0.0966 (0.104) |
| SY size | −0.0569*** (0.00873) | −0.0643*** (0.00944) | −0.0252 (0.0267) |
| ROE | 0.219** (0.0963) | 0.222** (0.102) | 0.740* (0.402) |
| Growth | −0.0250 (0.0204) | −0.0324 (0.0228) | −0.00982 (0.0499) |
| OWN | −0.000177 (0.00213) | 0.000325 (0.00248) | −0.0116** (0.00551) |
| Num | 0.354*** (0.123) | 0.372*** (0.139) | 0.380 (0.237) |
| Lev | −0.0345 (0.119) | −0.00591 (0.128) | −0.369 (0.453) |
| BTM | 0.0521 (0.0944) | 0.0248 (0.106) | −0.00553 (0.232) |
| Balance | −0.0182 (0.0303) | −0.000924 (0.0323) | −0.396*** (0.130) |
| Constant | 1.330 (0.809) | 2.078** (0.861) | −1.561 (2.190) |
| Observations | 1568 | 1184 | 384 |
| R-squared | 0.155 | 0.183 | 0.325 |
| Industry FE | YES | YES | YES |
| Year FE | YES | YES | YES |