| Independent variables | M_3sls01 |
| gov | 0.912* (0.478) |
| academic | 0.888* (0.457) |
| cpa | 0.971** (0.482) |
| law | 0.829* (0.481) |
| corp | 0.964** (0.468) |
| fbr | −2.395 (1.745) |
| dbr | −9.514 (6.454) |
| fdbr | −0.103 (0.748) |
| bnum | −0.299 (0.186) |
| supervisor | 0.025 (0.021) |
| fsvr | 0.161 (0.286) |
| assetmil~n | −0.006 (0.019) |
| first | −0.868*** (0.327) |
| first 2 - 5 | −1.609*** (0.571) |
| Dum_indu~2 | −0.862*** (0.184) |
| Dum_indu~3 | −0.155 (0.240) |
| Dum_indu~4 | 0.534 (0.548) |
| Dum_indu~5 | −0.809*** (0.256) |
| _cons | 5.026* (2.602) |
| N | 118 |
| R2 | 0.575 |
| Chi Square Statistic | 243.80 |