(1)

(2)

(3)

Roe

Roe

Soe = 0

Roe

Soe = 1

Treat

0.154***

(3.228)

0.245***

(4.304)

−0.031

(−0.677)

Post

−0.021***

(−2.977)

−0.024**

(−2.460)

−0.022*

(−1.782)

TP

0.040***

(6.650)

0.015**

(2.138)

0.065***

(7.005)

Size

0.037***

(7.465)

0.032***

(5.717)

0.033***

(2.945)

Lev

−0.160***

(−9.078)

−0.113***

(−5.371)

−0.251***

(−7.452)

Cfo

0.204***

(11.765)

0.204***

(9.636)

0.204***

(6.788)

Soe

−0.058***

(−3.071)

Shrer

0.080***

(3.324)

0.096***

(3.433)

0.059

(1.211)

Idrt

−0.037

(−1.131)

0.026

(0.622)

−0.107**

(−2.061)

Dual

−0.002

(−0.582)

−0.000

(−0.026)

−0.007

(−0.754)

Age

0.005

(0.228)

0.019

(0.703)

−0.010

(−0.228)

Worker

−0.011**

(−2.409)

−0.001

(−0.128)

−0.027***

(−3.327)

Audit

0.011

(0.969)

0.007

(0.525)

0.019

(1.203)

_cons

−0.692***

(−6.030)

−0.815***

(−6.460)

−0.326

(−1.232)

Industry

Yes

Yes

Yes

Year

Yes

Yes

Yes

N

11860

7246

4614

adj. R-sq

0.095

0.091

0.117