Variables

Coefficients and p-value

Full samples

SOEs

non-SOEs

Avoid

0.0256*

0.011

0.0248*

(0.06)

(0.13)

(0.09)

SIZE

0.384***

0.712***

0.355***

(0.00)

(0.00)

(0.00)

DFL

0.0955***

0.0910

−0.0731**

(0.00)

(0.11)

(0.03)

RISK

0.0445*

−0.0416

0.00381*

(0.09)

(0.39)

(0.09)

TAT

0.109***

0.286***

0.0853***

(0.00)

(0.00)

(0.00)

ROA

0.291

2.444**

−0.0120

(0.19)

(0.02)

(0.30)

LOSS

0.0498**

0.226***

0.201***

(0.04)

(0.00)

(0.00)

OP

0.222*

0.299**

0.0662**

(0.09)

(0.02)

(0.03)

BIG4

0.422***

0.215*

0.639***

(0.00)

(0.06)

(0.00)

Constant

6.694***

−2.335*

5.834***

(0.00)

(0.06)

(0.00)

IND

Control

Control

Control

YEAR

Control

Control

Control

N

2376

1288

1088

Adj R2

0.218

0.310

0.302

F values

57.55

42.42

59.17