| Variable | Equation (1): Small and Large Client Segments (2004-2011) | |||
| Coef. | t-stat | p-value | ||
| FeePrem | 0.235 | 12.435 | 0.000 | *** |
| Big3Per | 0.164 | 12.780 | 0.000 | *** |
| ClientSeg | (0.089) | (5.006) | 0.000 | *** |
| FeePrem × ClientSeg | 0.076 | 4.531 | 0.000 | *** |
| TA | 0.251 | 33.862 | 0.000 | *** |
| IndPTA | 1.428 | 7.291 | 0.000 | *** |
| SUBS | 0.093 | 15.089 | 0.000 | *** |
| FORN | 0.051 | 2.416 | 0.016 | ** |
| ROI | (0.351) | (7.832) | 0.000 | *** |
| LIQ | 0.124 | 4.378 | 0.000 | *** |
| LEV | 0.001 | 1.842 | 0.065 | * |
| LOSS | 0.093 | 9.194 | 0.000 | *** |
| GAAP | 1.504 | 24.641 | 0.000 | *** |
| TEAM | 0.014 | 4.381 | 0.000 | *** |
| TENR | (0.015) | (5.055) | 0.000 | *** |
| NAF | 0.137 | 13.515 | 0.000 | *** |
| AISpec | 0.140 | 2.435 | 0.015 | ** |
| DOMN | 0.016 | 6.814 | 0.000 | *** |
| AOP | (0.215) | (1.998) | 0.046 | ** |
| POW | 0.201 | 9.526 | 0.000 | *** |
| DIST | (0.561) | (4.031) | 0.000 | *** |
| GFC | (0.187) | (1.349) | 0.177 |
|
| REG | 0.100 | 0.724 | 0.469 |
|
| ACC | 0.020 | 0.270 | 0.787 |
|
| n | 15,310 | |||
| Industry dummy variables | Included | |||
| Year dummy variables | Included | |||
| Adj. R-Squared | 64.02% | |||