(1)

(2)

(3)

Em

Em

Nokey area

Em

Key area

Treat

0.106

(1.614)

0.016

(0.214)

−0.021

(−0.240)

Post

−0.027***

(−4.591)

−0.027***

(−4.105)

−0.021*

(−1.754)

TP

0.024***

(2.787)

0.023**

(2.234)

0.023

(1.538)

Size

0.039***

(5.640)

0.038***

(5.092)

0.036*

(1.782)

Roa

0.498***

(6.475)

0.491***

(5.893)

0.521***

(2.785)

Lev

−0.193***

(−6.803)

−0.210***

(−7.027)

−0.115

(−1.500)

Cfo

−0.695***

(−21.168)

−0.689***

(−19.230)

−0.745***

(−8.986)

Shrer

0.095**

(2.422)

0.086**

(2.008)

0.168*

(1.801)

Idrt

−0.048

(−1.018)

−0.069

(−1.316)

0.054

(0.498)

Dual

0.003

(0.449)

0.005

(0.672)

−0.012

(−0.782)

Soe

−0.030

(−1.332)

−0.044*

(−1.737)

0.051

(1.458)

Audit

0.000

(0.002)

0.016

(0.703)

−0.032

(−1.099)

So

0.055***

(11.656)

0.058***

(10.881)

0.044***

(4.206)

Ro

0.007

(0.396)

0.012

(0.602)

−0.030

(−1.390)

Loss

0.001

(0.132)

0.002

(0.293)

−0.014

(−0.652)

_cons

−0.883***

(−5.410)

−0.735***

(−4.325)

−0.938**

(−2.150)

Industry

Yes

Yes

Yes

Year

Yes

Yes

Yes

N

9533

7948

1585

adj. R-sq

0.204

0.201

0.238