1) Full Sample

2) High ic

3) Low ic

treat

0.0586*

0.2800***

−0.2164***

(1.8877)

(6.3342)

(−4.3381)

after

−0.1309***

0.0835**

−0.4644***

(−5.2432)

(2.3604)

(−9.7503)

T

0.1554***

−0.0597

0.5132***

(3.8772)

(−1.0006)

(8.8787)

size

0.3149***

0.3685***

0.2563***

(21.5723)

(17.3525)

(13.4023)

lev

−0.4388***

−0.2066

−0.2422*

(−4.5112)

(−1.4142)

(−1.8583)

roa

−0.5315*

−0.8559**

−0.0841

(−1.9016)

(−2.0215)

(−0.2092)

current

0.0021

0.0849

0.0090

(0.1521)

(1.3942)

(0.5339)

quick

−0.0151

−0.0962

−0.0181

(−0.9382)

(−1.5077)

(−0.9524)

arinv

0.2807***

0.4328**

−0.1014

(2.6450)

(2.1575)

(−0.6753)

ngs

0.0247***

0.0193***

−0.0029

(5.8203)

(3.7248)

(−0.4097)

nbs

0.0196***

0.0332***

0.0250***

(3.7466)

(3.1671)

(3.9011)

big4

0.7443***

0.6753***

0.7144***

(9.4643)

(7.9449)

(3.6385)

top10

−0.0210

−0.0334

0.0579*

(−0.8275)

(−0.9382)

(1.6651)

GDP

0.0225

−0.0743*

0.0857**

(0.7256)

(−1.7085)

(2.0816)

icindex

−0.0514***

(−3.1886)

Year Effects

Yes

Yes

Yes

Industry Effects

Yes

Yes

Yes

_cons

4.5855***

3.8285***

5.0509***

(9.8499)

(6.3762)

(8.7556)

N

1092

544

548

adj. R²

0.682

0.743

0.617