| (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 |