| Variable | Equation (1): Big 4 Period (2004-2005) | Equation (1): Big 3 Period (2006-2011) | ||||||
| Coef. | t-stat | p-value | Coef. | t-stat | p-value | |||
| FeePrem | 0.312 | 5.482 | 0.000 | *** | 0.230 | 10.741 | 0.000 | *** |
| ClientSeg | (0.049) | (1.151) | 0.250 |
| (0.101) | (4.719) | 0.000 | *** |
| FeePrem × ClientSeg | 0.013 | 0.316 | 0.752 |
| 0.095 | 4.801 | 0.000 | *** |
| TA | 0.226 | 14.050 | 0.000 | *** | 0.257 | 29.058 | 0.000 | *** |
| IndPTA | 0.997 | 2.270 | 0.023 | ** | 1.677 | 6.888 | 0.000 | *** |
| SUBS | 0.051 | 4.203 | 0.000 | *** | 0.106 | 13.996 | 0.000 | *** |
| FORN | 0.143 | 2.827 | 0.005 | *** | 0.026 | 1.033 | 0.302 |
|
| ROI | (0.244) | (3.194) | 0.001 | *** | (0.399) | (7.689) | 0.000 | *** |
| LIQ | (0.083) | (1.235) | 0.217 |
| 0.141 | 4.559 | 0.000 | *** |
| LEV | 0.002 | 0.552 | 0.581 |
| 0.001 | 1.782 | 0.075 | * |
| LOSS | 0.047 | 1.568 | 0.117 |
| 0.102 | 8.684 | 0.000 | *** |
| GAAP | 1.018 | 7.712 | 0.000 | *** | 1.541 | 21.049 | 0.000 | *** |
| TEAM | 0.024 | 3.319 | 0.001 | *** | 0.012 | 3.182 | 0.001 | *** |
| TENR | 0.014 | 0.278 | 0.781 |
| (0.014) | (5.044) | 0.000 | *** |
| NAF | 0.264 | 6.831 | 0.000 | *** | 0.115 | 10.152 | 0.000 | *** |
| AISpec | 0.352 | 2.054 | 0.040 | ** | 0.061 | 0.973 | 0.330 |
|
| DOMN | 0.017 | 2.636 | 0.008 | *** | 0.017 | 7.092 | 0.000 | *** |
| AOP | (0.170) | (1.068) | 0.286 |
| (0.114) | (0.947) | 0.344 |
|
| POW | 0.344 | 5.489 | 0.000 | *** | 0.172 | 6.876 | 0.000 | *** |
| DIST | (0.004) | (0.007) | 0.994 |
| (0.569) | (3.281) | 0.001 | *** |
| GFC | (0.235) | (2.387) | 0.017 | ** | (0.260) | (13.570) | 0.000 | *** |
| REG | 0.312 | 5.482 | 0.000 | *** | (0.134) | (5.043) | 0.000 | *** |
| ACC | (0.049) | (1.151) | 0.250 |
| 0.124 | 1.650 | 0.099 | * |
| n | 3,335 | 11,975 | ||||||
| Industry dummy variables | Included | Included | ||||||
| Year dummy variables | Included | Included | ||||||
| Adj. R-Squared | 27% | 62.52% | ||||||