| (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 |