| (1) | (2) | (3) | (4) |
Analyst = 0 | Analyst = 1 | Analyst = 0 | Analyst = 1 | |
lndis1 | 0.0151** | 0.0090 |
|
|
| (2.45) | (0.97) |
|
|
lndis2 |
|
| 0.0125* | 0.0055 |
|
|
| (1.85) | (0.56) |
liudong | −0.0115*** | −0.0179*** | −0.0114*** | −0.0177*** |
| (−3.56) | (−3.94) | (−3.52) | (−3.90) |
growth | 0.0057 | −0.0166 | 0.0059 | −0.0160 |
| (0.39) | (−0.68) | (0.40) | (−0.66) |
lev | −0.0073 | −0.4880*** | −0.0064 | −0.4860*** |
| (−0.11) | (−4.70) | (−0.10) | (−4.68) |
roa | −0.0595 | 0.3790 | −0.0600 | 0.3780 |
| (−0.26) | (1.26) | (−0.26) | (1.25) |
lnsize | 0.3250*** | 0.4370*** | 0.3240*** | 0.4370*** |
| (29.63) | (29.74) | (29.58) | (29.68) |
inv | 0.0342 | 0.4840*** | 0.0377 | 0.4880*** |
| (0.39) | (3.77) | (0.42) | (3.80) |
rec | 0.0724 | 0.1740 | 0.0747 | 0.1810 |
| (0.72) | (1.30) | (0.74) | (1.35) |
big4 | 0.8720*** | 0.5510*** | 0.8720*** | 0.5500*** |
| (16.88) | (12.07) | (16.86) | (12.05) |
Ind | control | control | control | control |
Year | control | control | control | control |
_cons | 6.1710*** | 3.7090*** | 6.1920*** | 3.7300*** |
| (25.43) | (10.32) | (25.45) | (10.39) |
N | 1928 | 1439 | 1928 | 1439 |