Variables

Coefficients and p-value

(1)

(2)

(3)

(4)

(5)

ETR

−0.40**

(0.02)

Ratediff

0.224***

(0.00)

MaETR

−0.360**

(0.02)

MaRatediff

0.270***

(0.00)

Avoid

0.0256*

(0.06)

SIZE

0.436***

0.439***

0.427***

0.427***

0.384***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

DFL

0.0307**

0.0434*

0.0316**

0.0330**

0.0955***

(0.03)

(0.09)

(0.04)

(0.02)

(0.00)

RISK

0.137

0.127

0.140

0.135

0.0445*

(0.14)

(0.14)

(0.14)

(0.14)

(0.09)

TAT

0.00980

0.0130

0.0174

0.0136

0.109***

(0.20)

(0.24)

(0.14)

(0.34)

(0.00)

ROA

0.748**

0.614**

0.737**

0.734**

0.291

(0.02)

(0.03)

(0.02)

(0.04)

(0.19)

LOSS

0.227***

0.205***

0.225***

0.226***

0.0498**

(0.00)

(0.00)

(0.00)

(0.00)

(0.04)

OP

0.132**

0.116**

0.130*

0.124**

0.222*

(0.03)

(0.04)

(0.09)

(0.03)

(0.09)

BIG4

0.420***

0.422***

0.424***

0.423***

0.422***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

Constant

4.011***

3.923***

4.145***

4.200***

6.694***

(0.00)

(0.00)

(0.00)

(0.00)

(0.00)

IND

Control

Control

Control

Control

Control

YEAR

Control

Control

Control

Control

Control

N

2376

2376

2376

2376

2376

Adj R²

0.281

0.287

0.184

0.182

0.218

F values

63.26

64.37

63.75

63.46

57.55