| (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 |