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 |