|
| (1) | (2) |
| Lnfee | Lnfee | |
| Lndis1 | 0.0136*** |
|
|
| (2.60) |
|
| Lndis2 |
| 0.0110* |
|
|
| (1.91) |
| Rec | 0.0964 | 0.1010 |
|
| (1.27) | (1.32) |
| Inv | 0.2090*** | 0.2130*** |
|
| (2.82) | (2.87) |
| Lnsize | 0.3700*** | 0.3690*** |
|
| (39.54) | (39.46) |
| Roa | 0.1950 | 0.1950 |
|
| (1.12) | (1.12) |
| Lev | −0.1550*** | −0.1530*** |
|
| (−2.67) | (−2.64) |
| Growth | −0.0017 | −0.0014 |
|
| (−0.12) | (−0.10) |
| Liudong | −0.0138*** | −0.0136*** |
|
| (−5.81) | (−5.75) |
| Big4 | 0.6900*** | 0.6880*** |
|
| (14.90) | (14.87) |
| Ind | Yes | Yes |
| Year | Yes | Yes |
| _cons | 5.2130*** | 5.2290*** |
|
| (27.01) | (26.96) |
| N | 3367 | 3367 |