(1)

(2)

(3)

Em

Em

Soe = 0

Em

Soe = 1

Treat

0.106

(1.614)

0.016

(0.187)

0.092

(1.185)

Post

−0.027***

(−4.591)

−0.033***

(−3.393)

−0.017**

(−2.370)

TP

0.024***

(2.787)

0.027**

(2.026)

0.018

(1.559)

Size

0.039***

(5.640)

0.043***

(4.340)

0.031**

(2.357)

Roa

0.498***

(6.475)

0.526***

(5.017)

0.407***

(3.769)

Lev

−0.193***

(−6.803)

−0.197***

(−5.151)

−0.173***

(−4.024)

Cfo

−0.695***

(−21.168)

−0.646***

(−14.307)

−0.810***

(−18.939)

Shrer

0.095**

(2.422)

0.088*

(1.782)

0.088

(1.114)

Idrt

−0.048

(−1.018)

−0.086

(−1.235)

−0.069

(−1.053)

Dual

0.003

(0.449)

0.002

(0.204)

−0.000

(−0.004)

Soe

−0.030

(−1.332)

Audit

0.000

(0.002)

0.000

(0.015)

0.004

(0.155)

So

0.055***

(11.656)

0.065***

(9.778)

0.038***

(5.849)

Ro

0.007

(0.396)

0.046*

(1.942)

−0.018

(−0.766)

Loss

0.001

(0.132)

0.004

(0.315)

−0.010

(−0.927)

_cons

−0.883***

(−5.410)

−0.852***

(−3.955)

−0.692**

(−2.215)

Industry

Yes

Yes

Yes

Year

Yes

Yes

Yes

N

9533

5597

3936

adj. R-sq

0.204

0.202

0.238