Big 4

Non-big 4

Inst

Inst

Num_cam

0.1190

0.3587**

(0.6262)

(0.0498)

Freq_num

0.2134

5.2317**

(0.9246)

(0.0262)

Freq_per

20.9239

32.8096

(0.7936)

(0.4006)

Freq_spe

0.3332

0.2142

(0.5392)

(0.5649)

The Form

0.0947

0.2002

(0.7831)

(0.4051)

$Ins{t}_{t-1}$

0.9808***

0.7991***

(0.0000)

(0.0000)

Lev

0.4675

0.6845

(0.7214)

(0.3720)

Eps

0.3501

0.2788

(0.2153)

(0.4094)

The Size

0.3116**

0.4663***

(0.0193)

(0.0003)

Ocfps

0.0097

0.0496

(0.8122)

(0.5211)

Price,

0.0319

0.0159

(0.1319)

(0.2700)

Divi

0.1869

0.2526

(0.6876)

(0.3360)

The State

0.1002

0.4465*

(0.8127)

(0.0513)

_cons

8.6792***

7.4741***

(0.0032)

(0.0050)

Industry

Yes

Yes

N

133

883

Adj. R-sq

0.963

0.729