(1)

(2)

(3)

(4)

CC = 0

CC = 1

CC = 0

CC = 1

lndis1

0.0038

0.0206***

(0.49)

(2.93)

lndis2

0.0074

0.0188**

(0.89)

(2.41)

rec

0.1220

0.1570

0.1160

0.1600

(1.00)

(1.43)

(0.95)

(1.46)

inv

0.4290***

−0.0237

0.4290***

−0.01600

(3.88)

(−0.24)

(3.88)

(−0.16)

lnsize

0.4220***

0.3320***

0.4220***

0.3320***

(34.35)

(28.27)

(34.35)

(28.18)

roa

0.1570

0.1340

0.1610

0.1410

(0.61)

(0.56)

(0.63)

(0.59)

lev

−0.4510***

0.0463

−0.4510***

0.0495

(−5.21)

(0.63)

(−5.21)

(0.67)

growth

0.0323

−0.0245

0.0322

−0.0244

(1.55)

(−1.51)

(1.55)

(−1.50)

liudong

−0.0185***

−0.0103***

−0.0186***

−0.0101***

(−4.11)

(−3.09)

(−4.12)

(−3.01)

big4

0.6490***

0.7300***

0.6480***

0.7270***

(13.79)

(15.36)

(13.78)

(15.28)

Ind

Yes

Yes

Yes

Yes

Year

Yes

Yes

Yes

Yes

_cons

4.3620***

5.8120***

4.3390***

5.8220***

(15.34)

(22.23)

(15.22)

(22.22)

N

1654

1713

1654

1713